I am in the throes of porting my existing standard mortgage to a BTL The Mortgage Works mortgage. I have been informed by my broker that I need a lawyer for this. I had a chat my previous Liversedge conveyancing firm who dealt with the legals when I originally purchased the property. The quote provided of £500 has surprised me as I am not require purchase conveyancing - it’s just a straightforward remortgage.
The costs illustration is fractionally on the high side. Where you are happy to invest time comparing charges you could get the conveyancing a bit cheaper by say £125. That being said, providing that you were happy with the assistance the firm gave you mightcome to rue choosing an a cheaper conveyancer. Don't forget to ensure the solicitor can also act for The Mortgage Works. You can use our search tool to select a Liversedge conveyancing firm on the The Mortgage Works approved list of lawyers, which can often include conveyancing solicitors in Liversedge.
My husband and I are refinancing our apartment in Liversedge with Virgin Money. We have a son 18 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Virgin Money conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I purchased my home on 13 January and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Liversedge expressed confidence that it would be concluded in a couple of weeks. Are titles in Liversedge uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Liversedge registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether it is in order and if the Land registry have to notify any other parties. Currently roughly 80% of such applications are fully dealt with within two weeks but some can be subject to protracted delays. Historically registration takes place after the purchaser is living at the premises thus an expedited registration is not typically top priority but if it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
I am purchasing a new build house in Liversedge benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep advised me not reveal to my conveyancer about the extras as it would jeopardize my loan with Yorkshire Building Society. 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.
Due to the advice of my in-laws I had a survey completed on a property in Liversedge prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some lenders may refuse to grant a loan on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Liversedge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Liversedge to see if the conveyancing costs will increase in light of this.
Looking forward to exchange soon on a basement flat in Liversedge. Conveyancing lawyers assured me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Liversedge should include some of the following:
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Information concerning the obligations as set out in the lease to to contribute towards maintenance costs - with regard to both the building, and the more general rights a leaseholder has It needs to be made clear to you whether the lease allows you to change or upgrade anything in the premises- you should be made aware as to whether any restrictions applies to all alterations or just structural alteration, and whether permission is required The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. How long the lease is. You should receive guidance as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I purchased a garden flat in Liversedge, conveyancing formalities finalised 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Liversedge with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2079
You have 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.