My partner and I are getting closer to an exchange on a flat in Kidsgrove and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The lawyer is legally required to check with the bank to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
When it comes to lenders such as RBS, do Kidsgrove property lawyers incur an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
The mortgage over my property is with Santander for my property in Kidsgrove. Conveyancing was finalised a year ago. If I am intending 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 Santander?
Santander must be informed of your intention before renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander 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 Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
After shopping around on the internet I have found a Kidsgrove lawyer having checked that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Kidsgrove postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Kidsgrove.
Despite weeks of looking the Title Certificate and documents to our house are lost. The lawyers who did the conveyancing in Kidsgrove 10 years ago are no longer around. What are my options?
These day there are copies made of almost everything, and your lawyer will be aware exactly where to locate all the suitable documentation so you can purchase or dispose of your property without a hitch. Where copies can’t be found, your lawyer may be able to put in place insurance or indemnities protecting you against possible claims on your property.
I am purchasing a new build house in Kidsgrove with a loan from Bank of Ireland. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not disclose to my lawyer about this side-deal as it could put at risk my loan with Bank of Ireland. Should I keep quiet?.
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.
We are 3 weeks into a leasehold purchase having been referred to solicitors by the estate agent to carry out the conveyancing in Kidsgrove. I am not happy. Could you you assist me in finding new solicitors?
They would need to be very bad in order to consider diss instructing them. Has your mortgage offer been generated? If so you will need to inform them of the new contact details and have the loan are re-sent. Your solicitor ideally should be on the mortgage company panel to avoid supplemental charges and complications. That should be your first question of the new conveyancers. The find a solicitor tool should help you find a lender approved solicitor for your conveyancing in Kidsgrove
I am intending to let out my leasehold flat in Kidsgrove. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease dictates relations between the landlord and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Kidsgrove do not contain subletting altogether – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I inherited a 1st floor flat in Kidsgrove, conveyancing formalities finalised in 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Kidsgrove with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2080
You have 56 years left to run we estimate the price of your lease extension to range between £29,500 and £34,000 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 due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.