I have a decision in principle. The lender mentioned the loan came with free conveyancing. Does this mean I have to use their panel lawyer as I would much rather instruct a Allestree based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel conveyancers should you accept the "fee-free" incentive. Speak to the lender to explore if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Allestree.
We previously instructed conveyancing lawyers locally in Allestree on the TSB solicitor panel. They have just billed me a supplemental charge for dealing with the TSB mortgage. Is this an additional conveyancing fee set by TSB?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer can levy a fee for this. This fee is not dictated by TSB but by your Allestree lawyer. Some firms on the TSB panel will charge ’dealing with mortgage’ fee but plenty of practices incorporate it on their overall fee.
Lloyds have agreed my home loan in principle, my offer on a property in Allestree has been accepted, what are the next steps?
The estate agent will wish to be advised as to your conveyancing practitioner's details (be sure the lawyers are on the bank’s approved list). Telephone Lloyds or the financial adviser and finalise any appropriate forms. Lloyds will appoint a valuer who will get in contact with the selling agent or vendor to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes on average a week to get a mortgage offer. Lloyds will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Allestree.
Our sealed bid on a detached house in Allestree has been accepted, but there is a chain. The sellers have offered on a flat, but it’s not been accepted yet, and have viewings of other properties in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Allestree. What do I do now? At what stage do I apply for the mortgage with Nottingham?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of £1k, then survey, Allestree conveyancing search costs, etc). The first course of action is to ensure that your solicitor is on the Nottingham conveyancing panel. Regarding the subsequent phase this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a hot market many purchasers will apply for the mortgage with Nottingham and pay for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
I am purchasing my first flat in Allestree benefiting from help to buy. The builders refused to budge the amount so I negotiated 6k of extras instead. The sale representative told me not disclose to my solicitor about this extras as it could put at risk my loan with Nationwide Building Society. 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.
I opted to have a survey done on a property in Allestree prior to retaining solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some banks may not grant a mortgage on this type of house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Allestree. Conveyancing will be smoother if you use a solicitor in Allestree especially if they are accustomed to such properties in Allestree.
In my capacity as executor for the will of my uncle I am disposing of a residence in Monmouth but live in Allestree. My solicitor (who is 300 miles awayrequires that I sign a statutory declaration before the transaction finalising. Could you suggest a conveyancing lawyer in Allestree to attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are Allestree based
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Allestree. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Allestree are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Allestree in which case you should be shopping around for a Allestree conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will advise you fully on all the issues.
I am the registered owner of a 2 bed flat in Allestree, conveyancing formalities finalised August 2000. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Allestree with an extended lease are worth £202,000. The ground rent is £60 levied per year. The lease ceases on 21st October 2078
With just 57 years remaining on your lease we estimate the price of your lease extension to be between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.