I am expecting a offer of a home loan from Halifax. I hope to retain the legal services of a Licensed Conveyancer in Long Itchington. Does the Halifax Conveyancing panel allow for conveyancers regulated by the CLC?
The Halifax conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Our grandson is about to exchange on a new build apartment in Long Itchington with a home loan from HSBC. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My partner and I are downsizing from our house in Long Itchington and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A high street Long Itchington conveyancer would know this is not the case. For the life of me I don't know why the purchasers are using a national conveyancing firm rather than a conveyancing solicitor in Long Itchington. We have lived in Long Itchington for six years we know of no issue. Is it a good idea to get in touch with our local Authority to seek clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I'm purchasing my first flat in Long Itchington with the aid of help to buy. The builders refused to reduce the price so I negotiated £7000 of extras instead. The sale representative told me not disclose to my solicitor about the side-deal as it will impact my mortgage with Clydesdale. 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 UK Finance website. UK Finance 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 issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Long Itchington is where the house is located. Can you shed any light on this issue?
Flying freeholds in Long Itchington are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Long Itchington you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Long Itchington 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.
I am employed by a reputable estate agent office in Long Itchington where we have experienced a number of flat sales derailed due to short leases. I have received inconsistent advice from local Long Itchington conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I purchased a 1 bedroom flat in Long Itchington, conveyancing having been completed in 2002. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Long Itchington with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2079
With 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.