My lawyer in Lyddington has never been on on the Barclays Solicitor Panel. Can I still continue with my family solicitor even though they are excluded from the Barclays list of approved lawyers?
The limited options available to you here include:
- Carry on with your preferred Lyddington solicitors but Barclays will need to use a conveyancer on their list of acceptable firms. This will inevitably rack up the total conveyancing fees and cause delays.
- Choose a new lawyer to to deal with the conveyancing, obviously checking they are on the Barclays panel
I happen to be the sole recipient of my late father’s will and I have everything in my name alone, including the house in Lyddington. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the house. I do know about the CML 6 month 'rule', meaning my proprietorship could be regarded the same way as if I'd bought the house in November. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Most mortgage companies would take a pragmatic view as this requirement principally exists to capture subsales or the quick reselling of properties.
We expect to receive a AIP from Lloyds this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Lyddington solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lyddington solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I have a mortgage with Skipton for my property in Lyddington. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel firm.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Lyddington I like with a park and railway links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Lyddington suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Is it simple use your search app to get a costs illustration from a conveyancing lawyer in Lyddington on the approved list for my bank?
Step one is to pick a mortgage company such as Yorkshire Building Society, Virgin Money or Godiva Mortgages Ltd then choose your location such as Lyddington. Conveyancing firms in Lyddington and beyond will then be identified.
My husband and I are novice buyers - had an offer accepted, but the selling agent informed us that the owners will only issue a contract if we appoint their recommended lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor who is accustomed to conveyancing in Lyddington
We suspect that the owner is unaware of this request. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Avoid the agents and go straight to the owners and make the point that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you are going to use your preferred Lyddington conveyancing solicitors - not the ones that will provide the negotiator at the agency a introducer fee or hit his conveyancing figures demanded by senior management.
What makes a Lyddington lease problematic?
There is nothing unique about leasehold conveyancing in Lyddington. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
-
Maintenance charge proportions which don’t add up to the correct percentage
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Lyddington Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
-
It would be prudent to discover as much as possible about the company managing the block as they can either make your living at the property much easier or uncomfortable. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the communal areas. Don't be afraid to ask other people if they are happy with them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds. This information is useful as a) areas can result in problems for the block as the common areas may begin to deteriorate where repairs remain unpaid b) if the leasehold owners have an issue with the running of the building you will want to know about it What prohibitions are contained in the Lyddington Lease?