My fiance and I are hoping to buy a home in Somerton and have instructed a Somerton conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. The Mortgage Works have this afternoon contacted us to advise us that there is now an issue as our Somerton solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Somerton solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I purchased a 4 bedroom Edwardian house in Somerton. Conveyancing lawyer acted for me and Aldermore. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Somerton and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with your conveyancing lawyer who completed the work.
I'm buying my first flat in Somerton with a mortgage from Barnsley Building Society. The builders refused to budge the amount so I negotiated 6k of extras instead. The house builders rep advised me not disclose to my solicitor about this extras as it will jeopardize my mortgage with Barnsley Building Society. 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.
In my capacity as executor for the will of my grandfather I am selling a property in Neath but I am based in Somerton. My lawyer (approximately 200 kilometers awayneeds me to execute a statutory declaration ahead of completion. Can you recommend a conveyancing solicitor in Somerton to attest this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are based in Somerton
I am attracted to a two flats in Somerton both have about 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Somerton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. 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 Somerton 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 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 2 bed flat in Somerton, conveyancing formalities finalised half a dozen 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 Somerton with over 90 years remaining are worth £216,000. The ground rent is £50 yearly. The lease runs out on 21st October 2096
With 70 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
We are seeking to acquire a repossessed house in Somerton and the vendor require completion within a month. Can a solicitor meet that timeframe? Would it be better to instruct a high street Somerton firm or an online organisation that professes to complete quickly?
Attend your Somerton shopping parade. Go in to 3 solicitor’s offices and ask to see a conveyancing solicitor for an estimate. Set out your needs and seek assurances on time frames. Appoint the one that comes across as most trustworthy. Make sure to use a property lawyer on the panel of conveyancers who can act for your mortgage company.