Much to our surprise we have been told by our mortgage adviser that my Garstang property lawyer is not on the mortgage company Conveyancing panel. How can I check?
The first thing you need to do is to call your Garstang lawyer directly. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they may recommend you to a Garstang conveyancing firm that is on the conveyancing panel for your lender.
My property lawyer in Garstang is not listed on the The Mortgage Works Approved Panel. Is it possible for me to retain my family solicitor even though they are not on the The Mortgage Works approved list?
Your options are as follows:
- Carry on with your preferred Garstang solicitors but The Mortgage Works will need to instruct a solicitor on their panel. This will result in additional total conveyancing fees and result in delays.
- Find a new lawyer to to deal with the conveyancing, obviously checking they are on the The Mortgage Works panel
It has been 4 months following my purchase conveyancing in Garstang took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Garstang with a mortgage from Birmingham Midshires. The builders would not reduce the price so I negotiated 6k of extras instead. The estate agent advised me not reveal to my solicitor about the side-deal as it will adversely affect my loan with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Garstang is where the house is located. What do you suggest?
Flying freeholds in Garstang are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Garstang you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Garstang may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am tempted by the attractive purchase price for a couple of flats in Garstang both have about forty five years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Garstang is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Garstang conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a studio flat in Garstang, conveyancing having been completed 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Garstang with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2105
With 79 years left to run the likely cost is going to range between £7,600 and £8,800 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 a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.