I am getting a mortgage with Santander. My intention is to use a Licensed Conveyancer in Ormskirk. Does the Santander Conveyancing panel include conveyancers regulated by the CLC?
The Santander approved solicitor list is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My lawyer has uncovered a a problem with the lease for the property we are purchasing in Ormskirk. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions must be adhered to.
A relative suggested that if I am purchasing in Ormskirk I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Ormskirk conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Ormskirk around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Ormskirk.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Ormskirk I like with a park and railway links nearby, however it only has 52 years on the lease. There is not much else in Ormskirk in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
How difficult is it to change solicitor as I have to instruct one who is on the Nottingham Building Society conveyancing panel. I instructed a family conveyancing solicitor in Ormskirk five minutes from me but he is not approved by Nottingham Building Society
We will our best to assist in finding you a conveyancing solicitor in Ormskirk on the Nottingham Building Society panel. Please note that the law firms that we on the directory do not pay us a referral fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Ormskirk. In making use of search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Ormskirk.
When it comes to leasehold conveyancing in Ormskirk what are the most frequent lease problems?
Leasehold conveyancing in Ormskirk is not unique. Most leases are individual and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building A provision to repair to or maintain elements of the premises
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I inherited a 1 bedroom flat in Ormskirk, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Ormskirk with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2087
With only 62 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. 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. Neither should you move forward placing reliance on this information before seeking the advice of a professional.