Me and my fiance are buying a leasehold flat in Southwold. My property lawyer is not on the lender solicitor list. Is it possible for me to continue with my Southwold conveyancing solicitor even though they are excluded from the bank list of approved lawyers?
One will need to have a solicitor to deal with the legal work required when you need a mortgage to purchase your property. They will conduct all the relevant legal checks on the property, ensuring that you’re properly registered as the owner and ensure that all the necessary mortgage paperwork is in place. One can appoint a Southwold lawyer of your choosing. Nevertheless, where the conveyancer appointed is not a member of the lender approved list further charges will be levied as separate legal representation will be need by the mortgage company. Lender panel applications may be submitted, so provided your conveyancer has not previously applied for membership they should do so.
My wife and I are approaching an exchange on a flat in Southwold and my mum and dad have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has not arrived from me my solicitor needs to make a notification to my lender. I am advised that, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your solicitor is duty bound to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
My fiance and I are hoping to buy a newly converted apartment in Southwold with a homeloan from Leeds Building Society.We have a Southwold conveyancing lawyer but Leeds Building Society informed us her practice is not on their "panel". It seems we have little choice but to instruct a Leeds Building Society panel lawyer or retain our high street solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that Leeds Building Society use our lawyer?
No, not really. The home loan offered to you contains various provisions, a common one being that lawyers will be on the Leeds Building Society approved list. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Leeds Building Society
I'm buying my first flat in Southwold benefiting from help to buy. The builders refused to move on the price so I negotiated £7000 of additionals instead. The house builders rep advised me not inform my lawyer about the side-deal as it may put at risk my mortgage with National Westminster Bank. Should I keep quiet?.
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.
My husband and I may need to rent out our Southwold 1st floor flat temporarily due to a new job. We used a Southwold conveyancing practice in 2003 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
Your lease dictates relations between the landlord and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Southwold do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I acquired a 1 bedroom flat in Southwold, conveyancing having been completed in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Southwold with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2099
You have 74 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
Would local authority permission be necessary to convert a house into two appartments in Southwold? This has been carried out to a property adjacent to my house in Southwold and was ignorant of it happening until the works were done.
Planning consent is needed for converting a single dwelling in Southwold into flats but possibly not for reverting once again to single dwelling-house so, simply put, yes,a it is needed.