Me and my fiance are purchasing a 2 bedroom apartment in Little Oakley with a mortgage. We wish to retain our Little Oakley solicitor, however the lender advise he's not on their "panel". It appears that we have no choice but to instruct one of the lender panel solicitors or retain our Little Oakley conveyancing practitioner as well as pay for one of their panel ones to represent them. We regard this is unjust; can we not demand that the lender use our Little Oakley conveyancing practitioner ?
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 lender’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. A further alternative is for your Little Oakley conveyancing solicitor to apply to be on the conveyancing panel.
Completed the sale of my flat in Little Oakley last May but our buyer keeps telephoning me to say his lawyer needs to hear from mylawyer. What should have happened now that I have sold?
Following your house sale your lawyer is obliged to forward the transfer deeds and all additional paperwork to the buyer’s lawyers. Depending on the transaction, your lawyer should also confirm that the home loan has been repaid to the purchasers conveyancers. There is unlikely to be post completion steps just for conveyancing in Little Oakley.
I'm buying a new build house in Little Oakley with a mortgage from Halifax. The builders refused to budge the amount so I negotiated 6k of extras instead. The sale representative told me not reveal to my conveyancer about the side-deal as it may jeopardize my loan with Halifax. Is this normal?.
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 opted to have a survey carried out on a property in Little Oakley prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may not give a loan on such a house.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you call us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Little Oakley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Little Oakley to see if the conveyancing costs will increase in light of this.
I work for a busy estate agent office in Little Oakley where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Little Oakley conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 2 bed flat in Little Oakley, conveyancing having been completed in 2002. Can you work out an approximate cost of a lease extension? Similar flats in Little Oakley with a long lease are worth £192,000. The ground rent is £55 per annum. The lease ends on 21st October 2079
You have 54 years remaining on your lease the likely cost is going to range between £32,300 and £37,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Been searching for a solicitor for freehold sale conveyancing in Little Oakley. We are selling, uncomplicated no mortgage to discharge, no hurry, currently empty. Had an estimate from a solicitor for nine hundred pounds including VAT which is a tad expensive given that its so straightforward. Can I pay less for conveyancing in Little Oakley?
Given that it’s a sale only, £450 + VAT would be about the cheapest for a Little Oakley solicitor firm.