My husband and I are purchasing a brand new apartment in Lutterworth and my lawyer is advising me that she has to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When can the exchange of contracts happen for residential conveyancing in Lutterworth and am I required to attend the solicitors office?
If you are near to our conveyancing solicitors in Lutterworth you are welcome to attend to sign the paperwork. That being said, the law practices we recommend offer countrywide coverage for conveyancing and give as equally detailed and professional a job for you when dealing with you electronically. The signing of the sale agreement is not when everything is set in stone. Signing on the dotted line simply enables the firm to exchange contracts at the appropriate time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Lutterworth)to be in the office at the appropriate time.
Me and my partner are buying a house in Lutterworth. It might be a silly question but how we can trust a lawyer? At some point we have to put funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My husband and I are spending time looking at houses in Lutterworth and I am about to put in an offer. Should I already have a lawyer appointed at this point? I am planning to take a home loan with Virgin Money.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are seeking a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
Lloyds have agreed my mortgage in principle, my bid on a house in Lutterworth has been agreed to, what happens next?
Your estate agent will want to be advised as to your solicitor's details (ensure that the conveyancers are on the bank’s panel). Contact Lloyds or your broker and complete any relevant documentation. Lloyds will sellect a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Lloyds will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Lutterworth.
The estate agent has sent us the confirmation of our purchase of a new build flat in Lutterworth. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lutterworth
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I opted to have a survey carried out on a property in Lutterworth before retaining solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some banks may refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can look into this further via 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 Lutterworth. Conveyancing may be slightly more expensive based on your lender's requirements.
What advice can you give us when it comes to choosing a Lutterworth conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Lutterworth conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Lutterworth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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Can they put you in touch with clients in Lutterworth who can give a testimonial?
I purchased a split level flat in Lutterworth, conveyancing having been completed April 1997. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Lutterworth with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2084
You have 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as costs.
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 the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.