Our conveyancer has discovered a a problem with the lease for the property we are buying in Kettering. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions have to be complied with.
We note that you have a post code search directory identifying solicitors on the HSBC conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in Kettering?
We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Kettering.
A relative pointed out to me me that in buying a property in Kettering there could be a number of restrictions prohibiting external alterations to a property. Is this right?
We are aware of a number of properties in Kettering which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Kettering should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have agreed to purchase a house in Kettering. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
Given that you are obtaining a mortgage with Aldermore your lawyer must follow the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and solicitors are required to report to Aldermore where a lease does not satisfy these conditions. The provisions relate to the installation of panels on properties nationwide and is not limited to Kettering.
I have a mortgage with HSBC for my property in Kettering. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval in advance of renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel lawyer.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Kettering?
Unless a previous acquisition of the house completed after 12 October 2013 you may expect solicitors carrying out conveyancing in Kettering to continue to recommend a chancel search and or chancel repair liability policy.
I am using a search engine for the term conveyancing in Kettering it brings up many property lawyerslocally. With so much choice what is the best way to find the right conveyancing solicitor for me?
The best method of finding a suitable conveyancer is via personal recommendation, so enquire of friends and those you trust who have bought a property in Kettering or the local estate agent or financial adviser. Costs for conveyancing in Kettering vary, so it's a good idea to obtain a minimum of three quotes from different law firms. Dont forget to clarify what costs in the quote includes.
Expecting to sign contracts shortly on a leasehold property in Kettering. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kettering should include some of the following:
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Responsibility for repairing the window frames An explanation concerning the obligations in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder enjoys Ground rent - how much and what the invoice dates are, and be on notice if this will change in the future Do you need to have carpet in the flat or are you allowed wood flooring?
I am the registered owner of a split level flat in Kettering, conveyancing having been completed in 2007. 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? Equivalent properties in Kettering with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2102
With just 78 years unexpired we estimate the price of your lease extension to be between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.