We are acquiring a brand new duplex in Sutton on Trent and my solicitor is advising me that she has to the mortgage company to reveal incentives from the developer. The Estate Agents are hassling me to exchange contracts and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We wanted to use a property lawyer in Sutton on Trent for our home move. Our broker informed us that our mortgage company Chelsea Building Society won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Sutton on Trent conveyancing firms would have been on many mortgage company panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Sutton on Trent conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Sutton on Trent is amongst the many locations where the solicitors showing on our search results are are authorised to act for Chelsea Building Society.
Me and my brother own a 4 bedroom Edwardian property in Sutton on Trent. Conveyancing practitioner acted for me and Lloyds TSB Bank. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sutton on Trent and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing solicitor who completed the work.
How does conveyancing in Sutton on Trent differ for newly converted properties?
Most buyers of new build or newly converted property in Sutton on Trent contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Sutton on Trent tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Sutton on Trent or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Sutton on Trent is where the house is located. Is there any advice you can impart?
Flying freeholds in Sutton on Trent are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sutton on Trent you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sutton on Trent 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.
Expecting to complete next month on a studio apartment in Sutton on Trent. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Sutton on Trent should include some of the following:
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Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? Who has the liability to repair and maintain the main walls and foundations. It is important for you to know which party is duty bound to repair and maintenance of every part of the building Rent payments - how much and when is collected, and be on notice if this will change in the future The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. The total ownership of the property. This will be the apartment itself but may incorporate a loft or storage are if relevant.
I inherited a basement flat in Sutton on Trent, conveyancing having been completed in 2010. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Sutton on Trent with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2077
With 52 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 as well as legals.
The suggested premium range 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 comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.