Our conveyancer has uncovered a defect with the lease for the flat we are purchasing in Thatcham. The other side have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the lender is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
Do the Building Society Association intend to launch a search tool with a view to list law firms on the Coventry BS conveyancing panel for instance in Thatcham?
Lexsure has not been advised of any intention on the part of the BSA to promote such a tool.
It has been three months following my purchase conveyancing in Thatcham completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 property 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 Thatcham benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The estate agent told me not to tell my lawyer about this deal as it would jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
As co-executor for the will of my grandmother I am selling a house in Cardiff but reside in Thatcham. My conveyancer (approximately 250 kilometers awayhas requested that I sign a stat dec before completion. Could you suggest a conveyancing practitioner in Thatcham who can attest this legal document for me?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are Thatcham based
I am looking at a couple of apartments in Thatcham which have about 50 years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold flat in Thatcham is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with under eighty 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 property 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 residence 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 Thatcham 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I inherited a basement flat in Thatcham, conveyancing formalities finalised May 1999. How much will my lease extension cost? Corresponding properties in Thatcham with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2099
With only 75 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional 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 placing reliance on this information without first seeking the advice of a professional.