I am obtaining a offer of a home loan from Santander. I hope to enlist the help of a Licensed Conveyancer in Lostwithiel. Does the Santander Solicitor panel include conveyancers regulated by the CLC?
The Santander approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Our Lostwithiel solicitor has discovered a difference when comparing the information in the home valuation report and what is in the title deeds. My lawyer informs me that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I own a renovated Edwardian house in Lostwithiel. Conveyancing lawyer represented me and Clydesdale. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lostwithiel and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing solicitor who conducted the purchase.
I am purchasing a new build house in Lostwithiel with a mortgage from Birmingham Midshires. The builders refused to move on the amount so I negotiated £7000 of extras instead. The sale representative told me not inform my conveyancer about this extras as it may adversely affect my loan with the bank. 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.
I am looking for a ground for flat up to £245,000 and found one near me in Lostwithiel I like with open areas and railway links in the vicinity, however it only has 49 years on the lease. There is not much else in Lostwithiel suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I’m about to sell my basement flat in Lostwithiel. Conveyancing lawyers have not yet been instructed, however I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as you normally would because all rents and maintenance payments should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a 2 bed flat in Lostwithiel, conveyancing was carried out 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Lostwithiel with an extended lease are worth £216,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2094
You have 69 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.