Our Badminton solicitor has discovered a difference between the assumptions in the home valuation report and what is in the legal papers for the property. My solicitor has advised that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications 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.
We are selling our house in Badminton. Does my conveyancer have to be required to be on the Aldermore conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
The deeds to our property are lost. The solicitors who handled the conveyancing in Badminton 4 years ago are no longer around. What are my options?
In today’s world there are duplicates made of almost everything, and your solicitor will be aware precisely where to find all the relevant documentation so you can buy or dispose of your house without a hitch. If copies are not available, your lawyer can arrange cover in the form of insurance or indemnities protecting you against future claims on your premises.
I'm buying my first flat in Badminton with a loan from National Westminster Bank. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not to tell my conveyancer about this deal as it will adversely affect my mortgage with the bank. Is this normal?.
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.
I decided to have a survey done on a property in Badminton in advance of retaining lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders may not grant a mortgage on this type of home.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Badminton. Conveyancing may be slightly more expensive based on your lender's requirements.
Having had my offer accepted I require leasehold conveyancing in Badminton. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Badminton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a 1st floor flat in Badminton, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Badminton with a long lease are worth £170,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2103
With just 78 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 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 cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.