I am hoping to receive a mortgage offer from Nat West. I intend to instruct a Licensed Conveyancer in Sale. Does the Nat West Solicitor panel allow for conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
My son-in-law is purchasing a new build apartment in Sale with a home loan from Clydesdale. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am buying a new build house in Sale with a mortgage from Nottingham Building Society. The sellers refused to budge the amount so I negotiated 6k of extras instead. The property agent told me not reveal to my solicitor about the deal as it may put at risk my mortgage with the bank. Should I keep quiet?.
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've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a simple, chain free conveyancing. Sale is where the house is located. Is there any guidance you can give?
Flying freeholds in Sale are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sale you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sale may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Back In 2003, I bought a leasehold house in Sale. Conveyancing and Birmingham Midshires mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Sale who acted for me is not around. What should I do?
First make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Sale conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a studio flat in Sale, conveyancing having been completed June 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Sale with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2091
You have 65 years remaining on your lease we estimate the premium for your lease extension to be between £13,300 and £15,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Our lawyer in Sale has uncovered a a legal deficiency with the lease for the apartment we are buying in Sale. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the mortgage company?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company 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 lawyer will have no choice but to discontinue acting for you.