I can't travel far from Woldingham. Please explain the reason why all Woldingham lawyers are not on all bank panels?
As inequitable as it may appear for lenders to restrict who can act for them, from the public’s or lawyer’s viewpoint, the other side of the coin is that lenders are increasingly anxious and consider it necessary to defend themselves from mortgage fraud. As a result of this concern lenders have restricted their panel of approved conveyancing lawyers to a size that they are happy to control.
My conveyancer has informed me that absentee landlord insurance is necessary on my purchase. What is the level of cover for Woldingham conveyancing?
The appropriate level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
Are all Woldingham Conveyancing Quality Solicitors on the Principality conveyancing list of approved solicitors?
A selection of banks and building societies now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Woldingham lawyer on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
What can a local search inform me about the property my wife and I purchasing in Woldingham?
Woldingham conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search is essential in every Woldingham conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search should provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Woldingham I like with a park and railway links nearby, however it's only got 49 years on the lease. I can't really find anything else in Woldingham for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can 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.
I need to instruct a conveyancing solicitor for freehold conveyancing in Woldingham. I happened to stumble across a web site which appears to be the perfect solution If there is a chance to get all the legals 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?
I am a negotiator for a reputable estate agency in Woldingham where we have witnessed a number of leasehold sales derailed due to short leases. I have been given conflicting advice from local Woldingham conveyancing firms. Could you shed some light as to whether the owner of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a ground floor flat in Woldingham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Woldingham flat is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case was in relation to 3 flats. The unexpired term as at the valuation date was 75 years.