The Aston on Trent conveyancing firm handling our Aston on Trent conveyancing has discovered a difference when comparing the surveyor’s assumptions in the home valuation report and what is in the conveyancing documents. My lawyer has advised that he is duty bound to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements 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 you.
I am thinking of remortgaging my flat in Aston on Trent, does my lawyer need to be on the Co-operative Solicitor panel?
There is nothing to stop you using your solicitor, but Co-operative will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Are all Aston on Trent Conveyancing Quality Solicitors on the HSBC conveyancing panel?
It is true that some banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Two weeks ago we had a mortgage agreed in principle with Lloyds. Aston on Trent conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Lloyds?
Some lenders take longer than others. Have Lloyds conducted the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I was told four weeks ago that my mortgage has been agreed to by Clydesdale. Is it usual for Clydesdale to only issue the offer once my solicitor in Aston on Trent is approved on their conveyancing panel? Clydesdale have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Clydesdale to deal with your lawyer's application to be on the Clydesdale conveyancing panel. There's no guarantee that your solicitor will be accepted.
A relative suggested that where I am buying in Aston on Trent I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Aston on Trent conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Aston on Trent 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 demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about Aston on Trent.
I'm purchasing a new build house in Aston on Trent with a loan from Chelsea Building Society. The builders refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not to tell my lawyer about this side-deal as it could jeopardize my mortgage with Chelsea 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.
Last September I purchased a leasehold flat in Aston on Trent. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a basement flat in Aston on Trent, conveyancing was carried out 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Aston on Trent with an extended lease are worth £265,000. The ground rent is £50 charged once a year. The lease comes to an end on 21st October 2102
You have 76 years left to run the likely cost is going to span between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.