My mortgage broker has asked me for my Paddock Wood solicitor’s panel member for the HSBC conveyancing panel. What is the best way to find this out. I have e-mailed my local Paddock Wood office but they have not got back to me yet.
You are best placed to get this information from your Paddock Wood lawyer . Most Paddock Wood law practices will retain a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each lender.
Would the conveyancing practitioners that you recommend carry out right to buy conveyancing in Paddock Wood?
We do have plenty of conveyancing solicitors who can conduct right to buy transactions You should get in touch with us to get a costs calculation.
I have today made my last payment due on my mortgage with Aldermore. I assume I don't need a Paddock Wood solicitor on the Aldermore panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
I can not work out if my mortgage offer requires a lease extension. I have called into my local Paddock Wood building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Paddock Wood conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Your solicitor has to comply with the CML Handbook section two provisions for your bank. 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.
Co-operative have agreed my mortgage in principle, my bid on a flat in Paddock Wood has been accepted, what are the next steps?
The estate agent will wish to be advised as to your lawyer's details (ensure that the lawyers are on the bank’s panel). Telephone Co-operative or the broker and complete any relevant forms. Co-operative will instruct a valuer who will get in touch with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Co-operative will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Paddock Wood.
I have been on the look out for a flat up to £235,500 and identified one round the corner in Paddock Wood I like with a park and station nearby, the downside is that it's only got 61 years on the lease. There is not much else in Paddock Wood suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I'm converting the mortgage on my current property to a buy to let mortgage with Barclays and I will use the rest of the raised equity as a down payment on another house. The neighborhood we are talking about is Paddock Wood. Will your solicitors be able to act for the two lenders and tie in the transactions?
Make use of our search tool on this site to check that the lawyers are on the appropriate lender panels. Having checked that they are your lawyer should be able to tie up the two deals but you should have a chat with you conveyancer and specify your expectations and needs.
I am looking at a couple of flats in Paddock Wood which have approximately fifty years left on the lease term. should I be concerned?
There are plenty of short leases in Paddock Wood. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorates and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
Paddock Wood Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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Many Paddock Wood leasehold flats will be liable to pay a service charge for maintenance of the block levied by the landlord. If you acquire the flat you will have to pay this amount, usually in instalments accross the year. This could vary from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge for you to pay annual, normally this is not a significant amount, say approximately £25-£75 but you should to check as occasionally it can be prohibitively expensive. Best to be warned if a new roof is being installed or some other major work is pending to be shared by the tenants and could well materially impact the level of the service charges or necessitate a specific payment. It would be prudent to find out as much as you can regarding the company managing the building as they will either make living at the property much easier or problematic. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day matters like the upkeep of the communal areas. Don't be afraid to ask other tenants if they are happy with their service. On a final note, find out the dates that you are obliged pay the maintenance charge to the managing agents and specifically what you get for your money.