I have just been advised by my mortgage broker that my Gatley property lawyer is not on the mortgage company Solicitor panel. What can I do to check?
The first thing you need to do is to contact your Gatley conveyancer. You lawyer should inform you what has happened. Where they are not on the panel they may recommend you to a Gatley conveyancing firm that is on the approved list of lawyers for your lender.
I am hoping to move into my new home in Gatley next Tuesday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Gatley.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Gatley?
There are many recorded licenced Conveyancers in Gatley and Solicitor partnerships in Gatley offering conveyancing We would stress that the two are regulated professionals specialising in the legal aspects of transferring property. The two can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
My wife and I purchasing a 3 bedroom semi in Gatley. Our aim is to an extension at the rear at the house.Will legal work on the property include enquiries to ascertain if these alterations are permitted?
Your solicitor will check the deeds as conveyancing in Gatley will occasionally reveal restrictions in the title deeds which prevent certain works or necessitated the consent of another owner. Many works need local authority planning consent and approval in accordance building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor before you commit yourself to a purchase.
Last month we had a mortgage agreed in principle with Kent Reliance. Gatley conveyancing lawyers have been chosen. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
There is no definitive answer here. Have Kent Reliance conducted the survey? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I'm buying a new build house in Gatley benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not disclose to my lawyer about the extras as it could impact my loan with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Last June I purchased a leasehold flat in Gatley. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a leasehold flat in Gatley, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding properties in Gatley with over 90 years remaining are worth £265,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2100
With just 75 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should 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 clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
Me and my partner are buying a three room apartmentin Gatley with a home loan from a mortgage company. We wish to instruct our lawyer in Gatley yet our mortgage company inform us now that he's not on their "panel". It seems we have little choice but to instruct one of the our bank panel firms or stay with our Gatley solicitor and incur the extra costs for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The lender mortgage issued is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. Until recently, most banks had large numbers of law firms on their panels, including most conveyancing solicitors in Gatley : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your lender.