We were going to get a OIP from Lloyds this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Victoria Park solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Victoria Park solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
I can not fathom if my bank requires a lease extension. I have called my Victoria Park building society branch on numerous occasions and was told they are content with the situation and they would lend. My Victoria Park conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
After much negotiation I have agreed a price on a house in Victoria Park. My mortgage broker suggested a property lawyer. I paid an upfront payment of £225. A couple of days later, the property lawyer contacted me sheepishly admitting that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Have purchased a a detached house in Victoria Park , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Victoria Park conveyancing solicitor works at snail pace, so I want to check that my ownership is registered.
As far as conveyancing in Victoria Park is concerned, registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether there are errors and whether the Land registry have to notify any third persons or bodies. As of today approximately three quarters of submission are completed in less than three weeks but some can be subject to extensive hold-ups. Registration is effected once the buyer is living at the premises therefore an expedited registration is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I'm purchasing a new build house in Victoria Park with a loan from Yorkshire Building Society. The sellers would not reduce the price so I negotiated £7000 of extras instead. The property agent advised me not disclose to my lawyer about this deal as it could adversely affect my loan with Yorkshire Building Society. Should I keep quiet?.
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 flat up to £245,000 and identified one close by in Victoria Park I like with open areas and transport links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Victoria Park in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce 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 start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Victoria Park. I have land on a site which seems to have the perfect offering If there is a chance to get all formalities done via web that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any advice for leasehold conveyancing in Victoria Park from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Victoria Park can be bypassed where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers’ lawyers. If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Victoria Park leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord consenting to such changes. If you dont have the consents in place do not communicate with the landlord without contacting your lawyer in advance. If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Arranging a duplicate share certificate is often a lengthy formality and delays many a Victoria Park home move. Where a reissued share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. A minority of Victoria Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
Victoria Park Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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What is the name of the managing agents? Where a Victoria Park lease has fewer than 80 years it will impact the salability of the apartment. Check with your mortgage company that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you would need to own the premises for 24 months before you are entitled to extend the lease. Most Victoria Park leasehold flats will incur a service charge for maintenance of the block set by the landlord. Where you acquire the apartment you will have to pay this amount, normally periodically throughout the year. This could be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a ground rent for you to pay annual, this is usually not a significant figure, say approximately £50-£100 but you should to enquire it because sometimes it can be surprisingly expensive.