We are hoping to purchase a 1 bedroom apartment in Hockley Heath with a mortgage. We have a Hockley Heath conveyancer, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Hockley Heath conveyancer as well as pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Hockley Heath conveyancing lawyer to apply to be on the conveyancing panel.
We're in Hockley Heath, First time buyers buying with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am buying my first flat in Hockley Heath with the aid of help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not inform my lawyer about this side-deal as it will impact my loan 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 am looking for a ground for flat up to £235,500 and found one close by in Hockley Heath I like with open areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Hockley Heath suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
I am attracted to a two flats in Hockley Heath both have in the region of fifty years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Hockley Heath is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hockley Heath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a basement flat in Hockley Heath, conveyancing having been completed in 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Hockley Heath with a long lease are worth £190,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2087
You have 62 years unexpired we estimate the price of your lease extension to be between £17,100 and £19,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional 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 based on this information without first seeking the advice of a professional.
My boyfriend is buying a studio flat in Hockley Heath. He has received a fee estimate by the solicitor connected to the selling agents and it came to £1156 . It was fifteen years ago I sold and bought a house and the fee was £600. Have fees really gone up that much?
You should call two or three local Hockley Heath conveyancing solicitors seeking estimates. You should base your decision not only on cost, but on promptness and on how comprehensive the response is.