It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my St Johns bank branch on various occasions and was told they are content with the situation and they will lend. My St Johns conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend based on their published requirements. I simply don't know who is right.
Your lawyer has to follow the CML Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my apartment. I had a double glazing fitted in October 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Nationwide are being difficult. The St Johns solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are requiring a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase apartment in St Johns. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the St Johns lawyer is on the TSB conveyancing panel.
I need some quick conveyancing in St Johns as I am faced with a deadline to complete within one month. A home loan is not required. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are are a cash purchaser you are at free not to do searches although no solicitor would advise that you don't. Drawing on years of experience of conveyancing in St Johns the following are instances of issues that can show up and adversely impact future mortgageability: Enforcement Notices, Overdue Fees, Overdue Grants, Unadopted Roads,...
I am purchasing my first flat in St Johns with the aid of help to buy. The developers would not move on the price so I negotiated £7000 of additionals instead. The sale representative told me not inform my conveyancer about the deal as it would impact 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.
I am looking for a leasehold apartment up to £305k and identified one round the corner in St Johns I like with a park and railway links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in St Johns suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage that many years may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am looking at a couple of maisonettes in St Johns both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in St Johns is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and banks, leases with less than 75 years become less and less marketable. 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 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 St Johns 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. 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.
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in St Johns. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a St Johns conveyancing firm who can help.
An example of a Lease Extension decision for a St Johns property is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The remaining number of years on the lease was 72 years.
I am due to consider costs for conveyancing in St Johns from numerous conveyancing practitioner and appoint one. Should I instruct them to hold tight until I I have my bid accepted on a house.
You should only get your property lawyer to start work and apply for searches after the sales confirmation has been issued by the estate agent particularly as St Johns conveyancing searches are not inexpensive.