I have given 2 months notice to my current landlord and must leave my rented apartment in Wool by the end of next month. Conveyancing for my house purchase is underway. Is it possible to complete in three weeks as don't want to have to move into short term accommodation?
It is unwise to provide notice for your lease unless you have exchanged. If you have not previously done so, notify to your conveyancer and request that they cajole the owners side, try to get a realistic time scale from them that all parties will work to achieve
About to place an offer on a leasehold flat in Wool. The property agents advise that it is normal for flats in Wool to have less than 75 years remaining. I am taking out a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has 69 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 17/11/2024 the requirements read as follows :
Is it correct that all Wool CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing list of approved practices?
A selection of lenders now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives 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 solicitors wishing to join their approved list of firms.
Does a directory service exist listing Coventry BS panel conveyancers in Wool on the Building Society Association’s Website?
No. There is no such directory service on the CML or Building Society Association sites. Very few banks make their panel listings viewable over the internet. If you are seeking to appoint a Wool conveyancing practitioner on the Coventry BS please make the most of our tool.
After months of negotiation I have agreed a price on an apartment in Wool. My mortgage broker pressured me to appoint their conveyancer. I paid an upfront payment of £225. Shortly after, the property lawyer contacted me embarrassingly acknowledging that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Are there restrictive covenants that are commonly identified as part of conveyancing in Wool?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Wool. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in Wool with the aid of help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not to tell my solicitor about this extras as it may affect my loan with Nationwide Building Society. 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.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Wool I like with amenity areas and railway links in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Wool suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.