Please help. My Southwold lawyer is advising me that he is legally obliged toorder Southwold conveyancing searches due to the fact thatthe firm are on the HSBCapproved lawyer panel. These Southwold checks cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Southwold conveyancing searches.
My wife and I are buying a apartment in Southwold. It might be a silly question but how we can trust a lawyer? At some point we have to put money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am assisting my mother sell her flat in Southwold. Will the solicitor order the energy performance certificate or it is for the owner to coordinate?
After the abolition of Home Information Packs, EPC’s became a compulsory element of selling a house. An EPC should be to hand prior to the property being marketed. This is not as aspect of the sale process that conveyancers ordinarily arrange. Where you are instructing a Southwold conveyancing practitioner they might be able to arrange energy performance certificates due to their contacts with long established local assessors
Bank of Ireland have agreed my mortgage in principle, my bid on a flat in Southwold has been accepted, what happens next?
Your estate agent will wish to be advised as to your property lawyer's details (be sure the lawyers are on the lender’s panel). Contact Bank of Ireland or your broker and complete any outstanding paperwork. Bank of Ireland will sellect a valuer who will get in touch with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Bank of Ireland will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Southwold.
I'm purchasing my first flat in Southwold with a mortgage from The Royal Bank of Scotland. The developers would not reduce the price so I negotiated £7000 of extras instead. The sale representative advised me not inform my lawyer about this extras as it would jeopardize my loan with the bank. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Southwold is the location of the property. Is there any guidance you can give?
Flying freeholds in Southwold are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southwold you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southwold may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been pointed in your direction by a number of estate agents in Southwold to find a solicitor using your seach tool. What’s the financial inducement for Estate Agents to market your lawyers rather than alternative conveyancing organisations?
We refuse to make any referral fee for sending work to this site. We thought it would be too underhand to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Southwold. I now wish to extend my lease but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the lessor. For most situations a specialist would be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court covering Southwold.
I purchased a 1st floor flat in Southwold, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Southwold with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2080
With only 55 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.