I'm in the process of transferring my current residential home loan to a Buy to Let Santander mortgage. I have been informed by my broker that I must appoint a lawyer for this. I got in contact with my previous Rowley Regis conveyancing solicitor who acted on my behalf when I previously acquired the house. The costs illustration sent of just over five hundred pounds is an eye-watering amount to do this as its a refinance than a sale or purchase.
The estimate fees seem a little high. Where you are content to invest time contrasting quotes you could shave off some of the expense by as much as £100 plus VAT. On the other hand, assuming were pleased with the service the firm offered you maycome to regret choosing an a cheaper lawyer. Remember to be sure the solicitor can also act for Santander. Do make use of our search tool to find a Rowley Regis conveyancing firm on the Santander conveyancing panel, which can often include conveyancing solicitors in Rowley Regis.
My conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in Rowley Regis. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that he must ensure that the bank is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
Why do I have to pay up front when it comes to conveyancing in Rowley Regis?
If you are buying a property in Rowley Regis your lawyer will ask you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this should be required immediately prior to contracts are exchanged. The closing balance that is due should be sent to your lawyer shortly before completion.
I'm purchasing a new build house in Rowley Regis with a loan from Chelsea Building Society. The sellers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The property agent advised me not disclose to my lawyer about the side-deal as it would affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 have been on the look out for a ground for flat up to £305k and found one round the corner in Rowley Regis I like with open areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Rowley Regis suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I wish to rent out my leasehold flat in Rowley Regis. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A small minority of properties in Rowley Regis do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Rowley Regis Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing
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What is the name of the managing agents? Are any of leasehold owners in dispute over their service charge payments?