It is a dozen years since I bought my property in Lewes. Conveyancing solicitors have just been retained on the sale but I can't track down the title documents. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with your lender or they could be in the possession of the solicitor who handled your purchase. Secondly in most cases the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Lewes relates to registered property but in the rare situation where your home is not registered it is more tricky but is not insurmountable.
I have been recommended a conveyancing solicitor in Lewes. I I would like to check whether they are on the Accord Mortgages Ltd conveyancing panel. Can you advise?
The first thing to do is e-mail your lawyer and enquire whether they can act for the bank. Alternatively please call Accord Mortgages Ltd who may be able to confirm.
I'm buying a new build house in Lewes with a mortgage from HSBC Bank. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not to tell my solicitor about the deal as it may jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
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've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Lewes is where the house is located. Can you offer any advice?
Flying freeholds in Lewes are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lewes you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lewes may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do you have any top tips for leasehold conveyancing in Lewes from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lewes can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers. A minority of Lewes leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. Many freeholders or managing agents in Lewes levy fees for providing management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Lewes. If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate is often a lengthy process and delays many a Lewes home move. Where a reissued share is required, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
I invested in buying a 2 bed flat in Lewes, conveyancing formalities finalised August 2012. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Lewes with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2097
With 71 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be 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 before seeking the advice of a professional.
My step-son is embarking on her first house purchase, he had his mortgage in principle. When the offer was accepted on apartment we rang the mortgage institution to go forward with his. I was shocked to hear that mortgage companies do not accept all conveyancing practitioner, they need to be on their approved list, is this legal?
Mortgage Companies normally imposes restrictions either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Lewes lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.