I have just been advised by my broker that my Loxford solicitor is not on the mortgage company Conveyancing panel. How can I check?
The best course of action for you to take is to call your Loxford lawyer directly. You lawyer should advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
My husband and I are refinancing our flat in Loxford with Skipton. We have a son 19 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this form unique to the Skipton conveyancing panel as he did not need to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up 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 Skipton. This is solely used to protect Skipton 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 Skipton 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.
We are getting the release of further monies on our home loan from UBS as we intend to carry out renovations to our property in Loxford. Do we need to choose a nearby Loxford solicitor on the UBS conveyancing panel to deal with the legals?
UBS would not normally instruct a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS conveyancing panel.
It is not clear whether my lender requires a lease extension. I have called into my local Loxford building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Loxford conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. Who do I believe?
Your solicitor has to follow the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Nottingham have agreed my home loan in principle, my bid on a property in Loxford has been accepted, what happens next?
Your estate agent will wish to be advised as to your conveyancer's details (make sure the conveyancing practitioners are on the bank’s panel). Contact Nottingham or your financial adviser and complete any appropriate documentation. Nottingham will appoint a valuer who will get in contact with the selling agent or owners to book an appointment. Once conducted (assuming no problems) it takes approximately ten days to receive the mortgage offer. Nottingham will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Loxford.
It has been five months since my purchase conveyancing in Loxford took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey completed on a house in Loxford prior to instructing lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may refuse to give a loan on such a premises.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Loxford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Loxford to see if the conveyancing costs will increase in light of this.
I am employed by a busy estate agency in Loxford where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Loxford conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner 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. This means 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 has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 buyer.
I inherited a ground-floor 1960’s flat in Loxford. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to assess the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Loxford residence is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case was in relation to 5 flats. The number of years remaining on the existing lease(s) was 73.8 years.