It is 10 years ago since I bought my home in Lydney. Conveyancing solicitors have recently been retained on the sale but I can't track down my deeds. Will this jeopardise the sale?
Don’t worry too much. First there is a possibility that the deeds will be kept by the mortgage company or they may be in the possession of the conveyancers who acted in the purchase. Secondly in all probability the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Lydney relates to registered property but in the rare situation where your home is not registered it is more of a problem but is resolvable.
I happen to be the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Lydney. The Lydney property was put into my name in November. I want to move. I understand that there is a CML 6 month 'rule', which means that my proprietorship will be regarded the same way as though I had purchased the property in November. Is the property unsalable for six months?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Most mortgage companies would take a practical view as this requirement is chiefly there to capture subsales or the wholesaling and assigning of property.
When it comes to mortgage companies such as Co-operative, do Lydney property lawyers incur a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Does a directory service exist listing Nottingham panel conveyancers in Lydney on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings open the public on the web. If you are in need of a Lydney solicitor on the Nottingham please make the most of our tool.
Various internet forums that I have come across warn that are the number one reason for obstruction in Lydney house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Lydney.
I'm buying my first flat in Lydney with a mortgage from Bank of Scotland. The developers would not reduce the amount so I negotiated £7000 of additionals instead. The house builders rep told me not to tell my conveyancer about the side-deal as it will impact my mortgage with the bank. Should I keep quiet?.
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.
Am I right to be wary that estate agents that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Lydney conveyancing company?
As with lots of professional services, often referrals from relatives can be worth their weight in gold. Nevertheless there are lots of people with a keen interest in a conveyancing deal; estate agents, financial adviser and mortgage companies might all put forward lawyers to select. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there might be a financial incentive behind the endorsement. You have the right to choose your preferred conveyancer. You need to be aware that the majority of lenders specify a panel list of lawyers you must use for the lender related work in your house move.
If all goes to plan we aim to complete the sale of our £125,000 maisonette in Lydney in six days. The freeholder has quoted £372 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Lydney?
Lydney conveyancing on leasehold apartments ordinarily involves fees being invoiced by landlords agents :
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Answering pre-contract questions
Where consent is required before sale in Lydney
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I am the registered owner of a basement flat in Lydney, conveyancing having been completed May 2001. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Lydney with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2078
With only 53 years left to run the likely cost is going to be between £27,600 and £31,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.