I am getting a mortgage offer from Halifax. I hope to retain the legal services of a Licensed Conveyancer in Sawbridgeworth. Does the Halifax Solicitor panel include Licensed Conveyancers?
The Halifax conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
When it comes to lenders such as Yorkshire BS, do Sawbridgeworth solicitors face a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I have a mortgage with Yorkshire BS for my property in Sawbridgeworth. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention before renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel solicitor.
I can not fathom if my bank requires a lease extension. I have called into my local Sawbridgeworth building society branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Sawbridgeworth conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. I have no idea who is right.
Your property lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Various web forums that I have visited warn that are the main reason for delay in Sawbridgeworth house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Sawbridgeworth.
I'm purchasing my first flat in Sawbridgeworth with the aid of help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not to tell my conveyancer about the deal as it would impact my mortgage with the lender. 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.
Last September I purchased a leasehold house in Sawbridgeworth. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a split level flat in Sawbridgeworth, conveyancing formalities finalised 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Sawbridgeworth with an extended lease are worth £165,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2102
With 77 years left to run we estimate the price of your lease extension to span between £7,600 and £8,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
My wife and I have AIP from Virgin Money who have advised we could borrow up to £400k. When do we need to instruct a practitioner for conveyancing? Sawbridgeworth is where we are buying.
It would be wise to appoint a property lawyer now so that the solicitor can open the ledger so they can do the ID checks etc. Once you wish them to start work they will seek a payment on account normally approximately £200. That should generally be once you have the loan offer from your bank and survey report, but should you wish to speed the process you can start the ball rolling sooner albeit risking some money.