I was notified recently by my mortgage adviser that my Toton the law firm I have appointed is not on the bank Conveyancing panel. What can I do to be sure whether this is correct?
Your first step should be to call your Toton conveyancer. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
I am the registered owner of a freehold residence in Toton but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Toton and has limited impact for conveyancing in Toton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I have a mortgage with RBS for my property in Toton. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
You must advise RBS before renting your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS 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 RBS directly. You need not do this via a RBS conveyancing panel firm.
Completion of my remortgage has taken place for my property in Toton. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
About to purchase house in Toton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Toton solicitor is on the Lloyds conveyancing panel.
I need some expedited conveyancing in Toton as I am under an ultimatum to complete in less than 4 weeks. A mortgage is not required. Is it possible to decline from having conveyancing searches to save money and time?
As you are are a mortgage free purchaser you are at free not to have searches conducted although no conveyancer would advise that you don't. With lots of history conveyancing in Toton the following are instances of issues that can be revealed and therefore impact the marketability of the property: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Railway Schemes,...
I'm buying a new build house in Toton with a mortgage from National Westminster Bank. The developers would not move on the price so I negotiated £7000 of extras instead. The property agent told me not disclose to my conveyancer about this side-deal as it could put at risk my loan with the bank. 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.
Are there frequently found defects that you see in leases for Toton properties?
There is nothing unique about leasehold conveyancing in Toton. Most leases are unique and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I own a basement flat in Toton, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in Toton with an extended lease are worth £192,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2078
You have 54 years left to run we estimate the premium for your lease extension to be between £32,300 and £37,400 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.