Is the fact that my conveyancer in Stoke Poges is not on my bank's solicitor panel that there is a problem with the quality of her conveyancing?
That would most likely be a wrong assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Stoke Poges conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
A colleague informed me that in buying a property in Stoke Poges there could be a number of restrictions prohibiting external changes to a property. Is this right?
We are aware of a number of properties in Stoke Poges which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Stoke Poges should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am buying a property in Stoke Poges. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
As you are obtaining a mortgage with Leeds Building Society your lawyer must check the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and solicitors are required to report to Leeds Building Society where a lease fails to meet these specifications. The provisions relate to the installation of panels on properties nationwide and is not isolated to Stoke Poges.
I can not work out if my lender requires a lease extension. I have called into my local Stoke Poges building society branch on numerous occasions and was told it does not impact the mortgage offer and they would lend. My Stoke Poges conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
As long as the property lawyer is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly picked up during conveyancing in Stoke Poges?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Stoke Poges. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing a new build house in Stoke Poges benefiting from help to buy. The builders refused to budge the amount so I negotiated £7000 of extras instead. The property agent suggested that I not to tell my conveyancer about this side-deal as it will 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.
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Stoke Poges I like with amenity areas and station nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Stoke Poges suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
Back In 2001, I bought a leasehold house in Stoke Poges. Conveyancing and Britannia mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Stoke Poges who previously acted has now retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Stoke Poges conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a studio flat in Stoke Poges, conveyancing was carried out 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Stoke Poges with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2092
With 66 years remaining on your lease we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.