Our Warkworth solicitor has identified a discrepancy when comparing the assumptions in the home valuation survey and what is in the title deeds. My lawyer informs me that he must ensure that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am buying a new build house in Warkworth with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of extras instead. The property agent suggested that I not disclose to my solicitor about the side-deal as it would jeopardize my mortgage with the bank. 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 ground for flat up to £305k and found one round the corner in Warkworth I like with a park and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Warkworth for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I need to instruct a conveyancing solicitor for sale conveyancing in Warkworth. I've land on a web site which appears to be the perfect offering If it is possible to get all this stuff completed via email that would be preferable. Should I be wary? What are the potential pitfalls?
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?
My wife and I purchased a leasehold house in Warkworth. Conveyancing and National Westminster Bank mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Warkworth who previously acted has long since retired. Do I pay?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Warkworth conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a 1 bedroom flat in Warkworth, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Warkworth with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease finishes on 21st October 2085
With just 60 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Me and my wife have recently had an offer accepted on our 1st house in Warkworth, and are now looking to get solicitors instructed. I have made use of the various rating based websites and the results are from all across the England and Wales. Is it essential to have a Warkworth lawyer local to your potential property? I am willing to do all the communicating over email, but I guess at some stage we may need to physically go into the lawyer's office to sign contracts?
The property lawyer does not have to be in Warkworth, but choosing local means that you can visit their offices if required, by way of example, if a signature is needed urgently. Furthermore, a Warkworth solicitor is likely to be familiar with local agents and (if the vendor has chosen a local property lawyer) with them, which will help smooth the process.