We see that you have a post code search directory listing firms on the Barclays conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Saxilby?
We are a listing service only for law firms wishing to communicate if they are on the Barclays conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Saxilby.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Saxilby lawyer on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland 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 Bank of Ireland mortgage from the register. Bank of Ireland, 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 Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Saxilby bank branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Saxilby conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the mortgage company approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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.
Aldermore have agreed my mortgage in principle, my offer on a house in Saxilby has been agreed to, what happens next?
Your estate agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Telephone Aldermore or the financial adviser and finish off any appropriate forms. Aldermore will sellect a valuer who will get in contact with the selling agent or owners to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Aldermore will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Saxilby.
I have todaybeen informed that Wolstenholmes have been shut down. They conducted my conveyancing in Saxilby for a purchase of a leasehold flat 10 months ago. How can I check that the property is not still registered in the name of the previous owner?
The quickest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Saxilby conveyancing specialists.
I decided to have a survey carried out on a property in Saxilby in advance of appointing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies will not grant a mortgage on this type of property.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you contact us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Saxilby. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Saxilby to see if the conveyancing costs will increase in light of this.
I am attracted to a couple of apartments in Saxilby both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Saxilby is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Saxilby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a 1st floor flat in Saxilby, conveyancing having been completed in 2008. How much will my lease extension cost? Similar flats in Saxilby with a long lease are worth £190,000. The ground rent is £45 per annum. The lease ends on 21st October 2088
You have 62 years remaining on your lease we estimate the price of your lease extension to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs 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 issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
Me and my wife are disposing of a Saxilby flat left to us seven years ago in 2010. I have over twenty years conveyancing experience and, although retired, see no reason not to do my own conveyancing. The buyer's property lawyer has informed me that their mortgage company will not allow us to do our own conveyancing as they require the funds to be sent to a solicitor's bank account.
Lending instructions to conveyancing practitioners from all mainstream lenders specify that If the seller does not have legal representation the purchaser’s lawyers should check whether the bank needs to be notified so that a decision can be reached as to whether they are willing to progress.