The Heysham conveyancing firm handling our Heysham conveyancing has identified an inconsistency between the information in the home valuation survey and what is revealed within the conveyancing documents. My solicitor informs me that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am buying a new build flat in Heysham. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Heysham you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Heysham.
I'm purchasing my first flat in Heysham benefiting from help to buy. The developers refused to move on the price so I negotiated 6k of extras instead. The house builders rep told me not inform my solicitor about the deal as it will affect my mortgage with Norwich and Peterborough Building Society. Should I keep quiet?.
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.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Heysham I like with a park and railway links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Heysham in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan that many years may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Can you provide any top tips for leasehold conveyancing in Heysham with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Heysham can be avoided where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors. If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Heysham leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your conveyancer in the first instance. You believe that you know the number of years remaining on your lease but it would be wise to double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unsettled.
I inherited a basement flat in Heysham, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Heysham with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2090
With 65 years remaining on your lease we estimate the premium for your lease extension to range between £13,300 and £15,400 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
Me and my fiance have recently had an offer agreed on a apartment and had an appointment on Monday with the Post Office for the mortgage. They advised me that when it comes to selecting a conveyancing practitioner that if they are not on their approved list of conveyancers then we will have to pay out a further charge of £200. This is because they would then have to select a solicitor to act for them as well as the one we choose to act for ourselves and we are liable for their costs. I have requested the Post Office to supply me with a list so I can obtain estimates only from their approved conveyancers but was told that I need to check with each individual conveyancer to see if they are on the panel. Is their an easier way of going about this?
You should ask the Post Office what their criteria for panel membership is for a solicitor.Thereafter ask the conveyancing practitioner of your choice whether they fit that criteria and have they acted on mortgages for the Post Office in the past. If the answer to those is yes, then just double check with the Post Office. Another option is to utilise our search facility and we may be able to find you a conveyancer in Heysham on the panel for the Post Office.