My husband and I are buying a purpose built apartment in St Mawes with a homeloan from Chelsea Building Society.We like our St Mawes conveyancing lawyer but Chelsea Building Society advised that her practice is not on their approved list of firms. we are left little option but to use a Chelsea Building Society panel firm or retain our preferred solicitor and fork out for a Chelsea Building Society panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Chelsea Building Society use our lawyer?
No, not really. The mortgage issued to you contains various provisions, one of which will be that conveyancers must be on the Chelsea Building Society conveyancing panel. in the past, most mortgage companies 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Chelsea Building Society
It has been five months since my purchase conveyancing in St Mawes completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in St Mawes with the aid of help to buy. The sellers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about the deal as it will adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in St Mawes I like with amenity areas and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in St Mawes suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner 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 speak to your conveyancing solicitor about this matter.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in St Mawes. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in St Mawes are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in St Mawes in which case you should be shopping around for a St Mawes conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.
Leasehold Conveyancing in St Mawes - Examples of Queries Prior to Purchasing
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Who are the managing agents? Be sure to discover if the the lease contains any adverse restrictions in the lease. By way of example it is very common in St Mawes leases that pets are not allowed in certain buildings in St Mawes. If you like the flatin St Mawes however your cat is not allowed to make the move with you then you have a very difficult compromise. It would be sensible to find out as much as possible regarding the managing agents as they can either make life much easier or uncomfortable. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the tidiness of the communal areas. Don't be afraid to ask prospective neighbours what they think of their management. In conclusion, investigate as to the dates that the service fees are due to the managing agents and precisely what it includes.
My conveyancing in St Mawes is set to complete next Friday, however the person I am buying off wants to move out on the Saturday at 2pm. Can I agree to such a plan?
In situations where you are having a mortgage then your conveyancer will require that the premises arevacant on Friday - the bank will require it.