Our Woodthorpe conveyancer has identified a difference between the surveyor’s assumptions in the valuation survey and what is revealed within the legal papers for the property. My lawyer says that he is obliged to check that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook conditions 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 both parties.
Do lenders provide you with an approved list of Woodthorpe conveyancing solicitors? How do you know who is on the Aldermore conveyancing panel?
Woodthorpe conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
I happen to be the sole recipient of my late mum's estate and I have everything in my name now, including the my former home in Woodthorpe. The Woodthorpe property was put into my name in December. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the property in December. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Most banks would take a pragmatic view as this clause chiefly exists to capture the purchase and immediately sell or the wholesaling and assigning of properties.
We have a mortgage agreed in principle with Co-operative. Woodthorpe conveyancing practitioners have been appointed. What is the average time that one could expect to receive a mortgage offer from Co-operative?
There is no definitive answer here. Have Co-operative completed the survey? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My husband and I are in the process of viewing flats in Woodthorpe and I am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Virgin Money.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are getting a mortgage with Virgin Money, make sure you remember to check that your lawyer is on the Virgin Money conveyancing panel.
I need some fast conveyancing in Woodthorpe as I am under an ultimatum to complete in less than one month. Fortunately I do not need a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are not obtaining a home loan you are at free not to have searches carried out although no solicitor would suggest that you don't. Drawing on years of experience of conveyancing in Woodthorpe the following are examples of issues that can show up and adversely affect future saleability: Enforcement Notices, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I'm purchasing a new build house in Woodthorpe with a loan from Clydesdale. The developers would not reduce the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not reveal to my lawyer about the deal as it will affect my loan with Clydesdale. 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.
Do you have any advice for leasehold conveyancing in Woodthorpe with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Woodthorpe can be avoided if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers’ solicitors. Some Woodthorpe leases require Licence to Assign from the landlord. 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 able to meet 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 service charge figures so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
I bought a basement flat in Woodthorpe, conveyancing having been completed April 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Woodthorpe with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2093
With just 67 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 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 the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.