My lawyer has identified a a legal deficiency with the lease for the flat we are buying in Whitnash. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications 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 bank are the client. These conveyancing instructions must be adhered to.
Is it the case that all Whitnash conveyancing solicitors on the Nottingham conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Nottingham approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some lenders do allow licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I had a mortgage agreed in principle with Aldermore. Whitnash conveyancing solicitors were selected. What is the average time that one could expect to receive a mortgage offer from Aldermore?
Some lenders take longer than others. Have Aldermore completed the valuation? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I currently have a mortgage with Virgin Money for my property in Whitnash. Conveyancing was finalised 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel solicitor.
four months have gone by since my purchase conveyancing in Whitnash took place. I have checked the Land Registry website which shows that I paid £200,000 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 Whitnash benefiting from help to buy. The developers refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not inform my lawyer about this deal as it would affect my mortgage with the lender. 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.
I am using a search engine for the words cheap conveyancing in Whitnash it brings up many conveyancersin the area. How do I determine which is the right conveyancer for me?
The best method of finding the right conveyancer is via personal recommendation, so seek the opinion of colleagues and those you trust who have purchased a property in Whitnash or the reputable estate agent or mortgage broker. Charges for conveyancing in Whitnash vary, so it's a good idea to secure a minimum of three costs illustrations from varying types of property lawyers. Be sure to obtain confirmation what costs in the quote includes.
I have recently realised that I have Seventy years left on my lease in Whitnash. I now want to extend my lease but my freeholder is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. In some cases a specialist may be useful to conduct investigations and to produce an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Whitnash.
I purchased a basement flat in Whitnash, conveyancing was carried out 5 years ago. How much will my lease extension cost? Similar properties in Whitnash with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2103
With just 78 years left to run the likely cost is going to span between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.