I had intended to instruct a property lawyer in Gravesend for our home move. Our financial adviser has since advised us that our mortgage company National Westminster Bank won't deal with them. Surely this is unfair competition?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Gravesend conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 completed a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum volume of conveyancing. Many Gravesend conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Gravesend is one of the many locations where the conveyancers showing on our search results are on the panel for National Westminster Bank.
My colleague recommended that if I am purchasing in Gravesend I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Gravesend conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Gravesend around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Gravesend Education with plans and statistics, Local Amenities and other useful information regarding Gravesend.
I moved into my apartment on 11 November and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Gravesend expressed confidence that it should be formalised inside ten days. Are transfers in Gravesend particularly slow to register?
There is nothing unique about conveyancing in Gravesend registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether it is in order and whether the Land registry must send notices to any interested parties. At present in the region of 80% of submission are fully addressed within two weeks but occasionally there can be extensive delays. Historically registration is effected after the buyer is living at the premises therefore 'speed' is not always top priority yet where there is a degree of urgency associated with the registration then you or your lawyers can speak with the land registry and explain the circumstances.
I'm purchasing my first flat in Gravesend with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my solicitor about this extras as it could affect my mortgage with the bank. 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.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Gravesend is where the house is located. Is there any guidance you can impart?
Flying freeholds in Gravesend are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gravesend you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gravesend may ascertain 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 today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Gravesend. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Gravesend are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Gravesend in which case you should be shopping around for a Gravesend conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am the registered owner of a split level flat in Gravesend, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Gravesend with over 90 years remaining are worth £206,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2091
You have 66 years left to run the likely cost is going to range between £12,400 and £14,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.