I am in the throes of changing my existing standard home loan to a BTL Virgin Money mortgage. I was told by my mortgage that I need a lawyer for this. I had a chat my past Shacklewell conveyancing solicitor who who completed the conveyancing when I first bought the premises. The costs illustration issued of £450 plus VAT has surprised me as I am not require purchase conveyancing - it’s just a straightforward remortgage.
The costs illustration is fractionally on the expensive side. If you shop around you could trim some of the cost by as much as £125. That being said, providing that you were content with the service the firm offered you couldlive to regret choosing an an untested solicitor. Remember to check the solicitor can act for Virgin Money. You can make use of our search tool to select a Shacklewell conveyancing firm on the Virgin Money conveyancing panel, which can often include conveyancing solicitors in Shacklewell.
I am about to exchange buying a house in Shacklewell but as a result of damage from the recent storms I have managed to agree reparation from the vendor of £2k by way of a deduction in the price. This was going to be addressed as part of the conveyancing process however Nationwide will not permit this. Why were they notified?
Your property lawyer that is on the Nationwide conveyancing panel is obliged to disclose to Nationwide of any variations to the sale price. If you were to refuse your conveyancing practitioner to report the reduction to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new lawyer for your conveyancing in Shacklewell.
We're in Shacklewell, First time buyers purchasing with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am buying a new build house in Shacklewell with the aid of help to buy. The builders refused to budge the price so I negotiated £7000 of extras instead. The estate agent advised me not inform my solicitor about the side-deal as it would put at risk my mortgage with Platform Home Loans Ltd. Is this normal?.
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 flat up to £235,500 and found one near me in Shacklewell I like with a park and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Shacklewell for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I am attracted to a two flats in Shacklewell both have approximately fifty years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Shacklewell is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat 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 premises 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 Shacklewell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 am the registered owner of a ground flat in Shacklewell. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Most certainly. We are happy to put you in touch with a Shacklewell conveyancing firm who can help.
An example of a Lease Extension decision for a Shacklewell flat is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case related to 1 flat. The unexpired lease term was 80.5 years.