I am buying a ground floor flat in Marsden. My lawyer has never been on on the bank approved list. Can I still retain my Marsden conveyancing solicitor notwithstanding that they are not on the lender approved list?
One must appoint a conveyancer to deal with the legal work required if you need a mortgage to buy your home. They will conduct all the relevant due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage paperwork is dealt with. You may appoint a Marsden lawyer of your choice. However, where the lawyer selected is not on the bank approved list supplemental costs will arise as separate legal representation will be need by the lender. Bank panel applications may be submitted, so if your solicitor has not in the past sought membership they can do so.
Our Marsden solicitor has discovered a difference when comparing the information in the valuation survey and what is in the legal papers for the property. My solicitor has advised that he needs to check that the lender is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions 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.
A relative advised me that if I am buying in Marsden I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Marsden conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Marsden around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Marsden.
I'm purchasing my first flat in Marsden with the aid of help to buy. The sellers would not move on the price so I negotiated £7000 of extras instead. The estate agent suggested that I not to tell my solicitor about this side-deal as it will adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 £305k and identified one round the corner in Marsden I like with a park and transport links in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Marsden suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 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 and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I own a leasehold flat in Marsden. Conveyancing was finalised in 2009. I have been told that I mustn’t allow the the remaining lease term to fall too low. Why is that a problem?
Marsden residential long term leases are for a fixed period - often ninety nine years when they started. However a significant appartments in Marsden were built or converted 35 or more years ago and so these leases now have under eighty years unexpired. That may seem like plenty of time but Banks, Building Societies and other mortgage institutions tend to need leases to have at least seventy five years remaining to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are getting close to 75 years. To optimize your property value you should be thinking about whether or not to extend your lease long before you come to sell it. There are also significant benefits to taking action before the lease reaches even 80 years as when the lease is below eighty years the amount to be paid to extend starts to get a lot more expensive.