IfI was to buy a freehold homein Northumberland for cash and have no survey and no conveyancing searches how much should I expect to to save on my conveyancing in Northumberland?
Any savings you would gain would be isolated to the costs for searches. A solicitor is required to do the vast majority of work - money laundering, liaising with your sellers solicitor, stamp duty submission, register the title etc. A slight saving might be made by not needing to register a charge however it will not be a lot.
When it comes to lenders such as Principality, do Northumberland solicitors face an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
Last month we had a mortgage agreed in principle with Barclays. Northumberland conveyancing practitioners are selected. What is the average time that one could expect to receive a mortgage offer from Barclays?
Some lenders take longer than others. Have Barclays done the valuation? Have you advised Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I can not fathom if my mortgage offer requires a lease extension. I have telephoned my Northumberland bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Northumberland conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend based on their published requirements. I have no idea who is right.
Provided that the property lawyer is on the mortgage company approved list, they must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My wife and I purchased a renovated Edwardian property in Northumberland. Conveyancing practitioner acted for me and TSB. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Northumberland and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing lawyer who completed the work.
I am buying my first flat in Northumberland with a mortgage from Bank of Ireland. The builders refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not inform my solicitor about the side-deal as it could jeopardize my mortgage with the bank. Is this normal?.
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 was advised by numerous property agents in Northumberland to find a solicitor using your seach tool. What’s the financial upside for Estate Agents to offer your lawyers over alternative conveyancing organisations?
We don’t give any referral fee for directing people in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
What are your top tips when it comes to finding a Northumberland conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Northumberland conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Northumberland conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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How experienced is the practice with lease extension legislation? If they are not ALEP accredited then what is the reason?
I own a studio flat in Northumberland, conveyancing formalities finalised 6 years ago. How much will my lease extension cost? Comparable flats in Northumberland with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2081
You have 55 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.