I am obtaining a mortgage offer from Lloyds. I hope to employ the services of a Licensed Conveyancer in Felling and Pelaw. Does the Lloyds Solicitor panel include Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
My solicitor has uncovered a defect with the lease for the flat we are buying in Felling and Pelaw. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must check that the lender is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I happen to be the only recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Felling and Pelaw. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership could be regarded the same way as if I'd bought the house in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Some mortgage companies would take a pragmatic view as this provision is primarily there to identify subsales or the flipping of properties.
I have paid off my mortgage with Clydesdale. I assume I don't need a Felling and Pelaw conveyancer on the Clydesdale panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Clydesdale mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Clydesdale mortgage from the register. Clydesdale, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Clydesdale has sent the Land Registry the discharge electronically, and
- Clydesdale has instructed the Land Registry to do so
I have decided to exercise my right to buy my property in Felling and Pelaw off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
My relative advised me that where I am buying in Felling and Pelaw I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually included in the estimate for your Felling and Pelaw conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Felling and Pelaw around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Felling and Pelaw Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Felling and Pelaw Education with plans and statistics, Local Amenities and other useful information regarding Felling and Pelaw.
I purchased my home on 14 January and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Felling and Pelaw said it would be dealt with inside ten days. Are properties in Felling and Pelaw uniquely lengthy to register?
As far as conveyancing in Felling and Pelaw is concerned, registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any third parties. At present in the region of three quarters of submission are fully dealt with within two weeks but occasionally there can be extensive delays. Registration takes place once the purchaser is living at the property therefore post completion formalities is not always an essential issue but if there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
I am tempted by the attractive purchase price for a two flats in Felling and Pelaw which have about 50 years unexpired on the leases. should I be concerned?
There are plenty of short leases in Felling and Pelaw. The lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
I acquired a basement flat in Felling and Pelaw, conveyancing was carried out in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Felling and Pelaw with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2104
You have 79 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.