It is 10 years ago since I purchased my house in Moor Row. Conveyancing lawyers have just been instructed on the sale but I am unable to track down my title documents. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be with your lender or they could be archived with the solicitor who acted in your purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Almost all conveyancing in Moor Row involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
We expect to receive a AIP from UBS 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 UBS recommend any Moor Row solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Moor Row solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
It is unclear whether my lender requires a lease extension. I have called my Moor Row bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Moor Row conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The solicitor has to comply with the CML Handbook Part 2 conditions 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 left on the lease.
After much negotiation I have agreed a price on an apartment in Moor Row. My mortgage broker suggested a lawyer. I paid an upfront payment of £225. Shortly after, the solicitor contacted me sheepishly admitting that they were not on the Clydesdale conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Clydesdale panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have justdiscovered that Arc property Solicitors have closed. They carried out my conveyancing in Moor Row for a purchase of a leasehold flat 10 months ago. How can I check that the property is in my name in the name of the previous owner?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Moor Row conveyancing specialists.
I'm purchasing my first flat in Moor Row benefiting from help to buy. The builders refused to reduce the amount so I negotiated 6k of extras instead. The house builders rep advised me not inform my lawyer about this side-deal as it will affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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 tempted by the attractive purchase price for a two flats in Moor Row which have about 50 years unexpired on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Moor Row is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Moor Row conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Moor Row Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
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It would be wise to find out as much as you can regarding the company managing the building as they will either make your life much simpler or problematic. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters like the upkeep of the communal areas. Enquire of other tenants what they think of their service. Finally, find out the dates that you are obliged pay the service charge to the relevant party and precisely what it includes. Best to be warned if fixing the lift or some other significant cost is due in the near future that will be shared amongst the leasehold owners and could well materially increase the the service charges or result in a one time payment. Please note if it is no more than 80 years it will have adverse implications on the marketability of the flat. It is worth checking with your mortgage company that they are happy with the length of the lease. A short lease means that you will probably have to extend the lease at some point and it is worth finding out how much this would cost. For most Moor Rowlease extensions you will need to own the property for two years before you are entitled to exercise a lease extension.
My wife and I have recently appointed a conveyancing solicitor in Moor Row. I I would like to check if they are listed on the lender's conveyancing panel. Could you assist?
It’s a good idea contact the solicitor and ask them if they are on the lender's approved list. If that does not help call us and we can investigate and revert. If they are not on the bank panel we we can help find a reputable conveyancing solicitor in Moor Row on the panel for your mortgage company.