I have just been advised by my IFA that my Halesworth solicitor is not on the mortgage company Solicitor panel. What can I do to be sure that this is correct?
Your first step should be to contact your Halesworth lawyer directly. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
Will my conveyancer be asking questions concerning flooding during the conveyancing in Halesworth.
Flooding is a growing risk for lawyers conducting conveyancing in Halesworth. Some people will acquire a house in Halesworth, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a number of searches that can be initiated by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Halesworth. The conventional set of information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to find out whether the premises has ever been flooded. In the event that the residence has been flooded in past which is not revealed by the owner, then a purchaser could commence a legal claim for losses as a result of such an inaccurate answer. A purchaser’s solicitors may also carry out an environmental search. This will reveal if there is a recorded flood risk. If so, further inquiries should be made.
I am buying a new build house in Halesworth with a loan from Virgin Money. The developers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about the side-deal as it may impact my loan with Virgin Money. Should I keep quiet?.
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.
Due to the encouragement of my in-laws I had a survey completed on a house in Halesworth ahead of appointing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some banks will refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Halesworth. Conveyancing may be slightly more expensive based on your lender's requirements.
I work for a long established estate agency in Halesworth where we have experienced a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Halesworth conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a basement flat in Halesworth, conveyancing formalities finalised March 2005. How much will my lease extension cost? Similar properties in Halesworth with an extended lease are worth £191,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2078
With just 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
I would be grateful if you could clarify what my options are where my Halesworth conveyancing searches shows detrimental entries?
Usually, the majority of adverse entries that arise in Halesworth conveyancing search results can be handled prior to completion or title insurance may be taken. You should remember that regardless of the fact that you intend on purchasing the premises and may be content to live with the search results, your lender may not, and ultimately they have the word say.