We are only a couple days away from an exchange on a flat in Marlow and my parents have sent the 10% deposit to my lawyer. I am now advised that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your solicitor is duty bound to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
As a first time buyer what is the most important advice you can impart regarding purchase conveyancing in Marlow?
You may not hear this from too many lawyers but conveyancing in Marlow and elsewhere in Buckinghamshire is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of room for conflict between you and others involved in the home moving process. For example, the vendor, property agent and on occasion a bank. Appointing a solicitor for your conveyancing in Marlow an important selection as your conveyancer is your adviser, and is the ONE person in the legal process whose role it is to act in your legal interests and to protect you.
We are witnessing a worrying ongoing adversarial element to conveyancing- someone has to be blamed for the process taking so long. We recommend that you your first instinct should be to trust your conveyancer ahead of all other players in the conveyancing process.
Is it the case that all Marlow CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing list of approved firms?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Marlow building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Marlow conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Your solicitor must comply with the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Marlow solicitor - who is on the HSBC conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC 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 Marlow 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 have been on the look out for a leasehold apartment up to £235,500 and found one close by in Marlow I like with a park and station nearby, however it only has 51 years on the lease. I can't really find anything else in Marlow suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
My wife and I purchased a leasehold flat in Marlow. Conveyancing and Barclays Direct mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Marlow who acted for me is not around. Any advice?
First contact the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Marlow conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 1 bedroom flat in Marlow, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Marlow with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2093
With just 67 years left to run the likely cost is going to span between £10,500 and £12,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
My sealed bid on semi in Marlow was agreed to, but there is a chain. The current proprietors have offered on a property, but it’s not been accepted yet, and are looking at other properties booked. I have chosen a nearby conveyancing solicitor in Marlow. What do I do now? At what stage should I apply for the mortgage with Nationwide?
It is standard to have apprehensions where there is an associated chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Marlow conveyancing search fees, etc). The first course of action is to ensure that your conveyancer is on the Nationwide approved list. Concerning the next stages this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. During a rising market the majority of home buyers will apply for a home loan with Nationwide and arrange for the survey and only if it was satisfactory would they request their property lawyer to proceed with the conveyancing in Marlow.