Me and my partner are intending to acquire a 3 bedroom apartment in Headley with a mortgage. We have a Headley lawyer, however the lender says he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our Headley solicitor and pay for one of their panel firms to act for them. This seems very unfair; can we not demand that the mortgage company use our Headley solicitor ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: 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 Headley conveyancing lawyer to apply to be on the conveyancing panel.
The vendors of the property we are looking to purchase hired a conveyancing solicitor in Headley who has suggested a lock out agreement with a down payment 10k. Is it wise to enter into such agreements?
This type of arrangement is unusual in Headley, conveyancers are not keen on them as they detract from focusing on the main conveyancing focus and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. In addition, there is no guarantee that just because the proprietor has entered into an exclusivity contract they will sell to you. They may breach the agreement if they receive sufficient incentive to do so because an aggrieved buyer with the benefit of a exclusivity agreement will still be duty bound to establish consequential losses from the breach and these may not equalise the financial upside that the owner may secure by reneging on the agreement, no matter how morally condemnable it undoubtedly is.
I am the registered owner of a freehold residence in Headley but still charged rent, why is this and what is this?
It’s unusual for properties in Headley and has limited impact for conveyancing in Headley but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I purchased my house on 16 November and the transaction details is not yet registered. Should I be concerned? My conveyancing solicitor in Headley advises it should be recorded inside ten days. Are titles in Headley uniquely lengthy to register?
As far as conveyancing in Headley is concerned, registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can adjust depending on who lodges the application, whether it is in order and if the Land registry must send notices to any 3rd parties. At present in the region of three quarters of such applications are completed in less than three weeks but occasionally there can be longer hold-ups. Registration occurs once the purchaser has moved in to the property so an expedited registration is not usually primary concern yet where there is a degree of urgency associated with the registration then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
I'm purchasing my first flat in Headley with a mortgage from Santander. The developers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about this deal as it would impact my mortgage with the lender. 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.
My wife and I may need to let out our Headley 1st floor flat for a while due to a new job. We used a Headley conveyancing firm in 2002 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Even though your last Headley conveyancing lawyer is no longer available you can review your lease to check if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you need to obtain consent from your landlord or some other party before subletting. This means you not allowed to sublet without prior consent. Such consent must not not be unreasonably refused ore delayed. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I purchased a basement flat in Headley, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Headley with a long lease are worth £191,000. The ground rent is £55 levied per year. The lease ends on 21st October 2079
With 54 years remaining on your lease we estimate the premium for your lease extension to be between £32,300 and £37,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.