I chose a high street firm for my conveyancing in Whickham today. Going through the Terms it is apparent thatwe are responsible for fees even if the dealdoes not go ahead. Should I ditch them and use an internet firm advertising no move no charge conveyancing in Whickham?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the fee levels will generally be higher to offset those transactions that do not go ahead. Please beware that these promotions generally do not protect you from disbursements for example Whickham conveyancing search costs.
The mortgage over my property is with Co-operative for my property in Whickham. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
You must advise Co-operative before letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel solicitor.
I can not work out if my mortgage offer requires a lease extension. I have telephoned my Whickham building society branch on numerous occasions and was advised it wasn't an issue and they will lend. My Whickham conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
Your solicitor has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my house. I had a double glazing fitted in July 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Barclays are being pedantic. The Whickham solicitor who is on the Barclays conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Barclays are requiring a building regulation certificate. Why do Barclays have a conveyancing panel if they don't accept advice from them?
It is probably the case that Barclays have referred the matter to their valuer. The reason why Barclays may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm buying my first flat in Whickham with a mortgage from Skipton Building Society. The builders refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not to tell my solicitor about this deal as it would impact my mortgage with the bank. Is this normal?.
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.
Is it best to instruct a Whickham conveyancing practitioner in close proximity to the house I am buying? I have an old university friend who can perform the legal formalities however his firm is located approximately 350miles drive away.
The benefit of a local Whickham conveyancing firm is that you can pop in to sign paperwork, hand in your ID and pester them where appropriate. Having local Whickham know how is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were content that should trump using an unfamiliar Whickham conveyancing lawyer solely due to them being local.
What makes a Whickham lease defective?
There is nothing unique about leasehold conveyancing in Whickham. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
-
A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a basement flat in Whickham, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Whickham with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2100
With only 74 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures 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 move forward based on this information without first getting professional advice.
I own a leasehold flat in Whickham. Conveyancing was finalised in 21012. I have read on numerous advice forums that I mustn’t let the the remaining lease term to fall too short. Why is that a problem?
Whickham leasehold properties are for a set period - often ninety nine years when they commenced. However a significant appartments in Whickham were built or converted 35 or more years ago and so such leases now have less than eighty years left to run. That may seem like plenty of time however Banks, Building Societies and other mortgage companies on the whole need leases to have a minimum of 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To increase the marketability of your property you should be thinking about whether or not to extend your lease long before you come to sell it. There are also strong financial reasons to doing so before the lease reaches even eighty years as when the lease falls below eighty years the premium you have to pay to extend starts to escalate.