Our conveyancer has identified a defect with the lease for the apartment we are purchasing in Horley. The other side have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancing practitioner says that he must ensure that the mortgage company is content with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender specifications have to be complied with.
Are the BSA intent on creating a searchable register to to identify practices on the Coventry BS conveyancing panel for example in Horley?
We would not expect to be advised of any plans on the part of the BSA to develop such a tool.
I'm purchasing my first flat in Horley benefiting from help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not to tell my solicitor about this deal as it could impact my loan with the lender. Do I keep my lawyer in the dark?.
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.
I am looking for a leasehold apartment up to £195,000 and identified one near me in Horley I like with open areas and transport links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Horley suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property 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 with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
My husband and I are a couple of weeks into a freehold purchase having been directed to conveyancers by the selling agent to do our conveyancing in Horley. I am am starting to be dissatisfied with the level of service. Could you you assist me in finding new solicitors?
They would need to be very bad to suggest changing them. Has the mortgage offer been issued? If so you will need to inform them of the new solicitor and have the loan are re-sent. Your conveyancer needs to be on the banks approved list to avoid escalating fees and frustration. That should be your first question of the new solicitors. Our search tool can help you find a lender approved solicitor for your conveyancing in Horley
I have just started marketing my 2 bed flat in Horley. Conveyancing is yet to be initiated, but I have recently had a quarterly service charge demand – what should I do?
The sensible thing to do is discharge the invoice as usual because all rents and service invoices will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a 1 bedroom flat in Horley, conveyancing having been completed in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Horley with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease runs out on 21st October 2092
With only 67 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.