The Market Bosworth conveyancing firm that I recently instructed on my purchase in Market Bosworth have without warning closed. I only went with them because I had to have a firm on the Nottingham conveyancing panel and my preferred Market Bosworth lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I'm the sole recipient of my late father’s will and I have everything in my name alone, including the my former home in Market Bosworth. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the property in January. Do I have to wait half a year to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Most banks would take a practical view as this obligation is chiefly there to identify subsales or the flipping of property.
I currently have a mortgage with Nationwide for my property in Market Bosworth. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Nationwide must be informed of your intention in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide 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 Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel solicitor.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Market Bosworth solicitor - who is on the RBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Market Bosworth surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I used Wolstenholmes a few years ago for my conveyancing in Market Bosworth. Now, I need my documents but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Market Bosworth of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Market Bosworth benefiting from help to buy. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not reveal to my lawyer about this side-deal as it will put at risk my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 a negotiator for a reputable estate agent office in Market Bosworth where we have experienced a number of flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Market Bosworth conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 purchaser.
I purchased a split level flat in Market Bosworth, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Market Bosworth with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2101
With only 76 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
The conveyancers carrying out our conveyancing in Market Bosworth has forwarded documents to review that state the property is unregistered with epitome documents. Surely all houses in Market Bosworth are registered?
Over ninety percent of property in Market Bosworth is registered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Market Bosworth conveyancing lawyers will be familiar with this type of conveyancing but where uncertainty exists the prevailing advice these days seems to be for the current owners to address the registration formalities first and then deal with the dispose of the property to the purchaser - this undoubtedly cause a significant delay.