I am not in a position to travel far from Barnehurst. What is the rationale as to why all Barnehurst property lawyers are not on all mortgage company panels?
Pre- 2008 most mortgage companies exhibited an attitude to risk which is different from today. The FSA in 2010 instigated a thematic review into property fraud which concluded: know the solicitors on your panel. Consequently, mortgage companies have subsequently soughtmore information from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have been removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the mortgage companies set.
Finally the sale completed on my house in Barnehurst last January but my buyer keeps Skype messaging daily complaining that their lawyer is waiting to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
After completion of your house sale your solicitor should deliver the transfer deeds and all additional paperwork to the buyer’s solicitors. If applicable, your lawyer should also send confirmation that the mortgage has been discharged to the purchasers solicitors. There are no post completion formalities unique to conveyancing in Barnehurst.
About to place a bid on a leasehold property in Barnehurst. The estate agents say that it is the norm for flats in Barnehurst to have less than 75 years remaining. I am expecting a mortgage with Accord Mortgages. Will the property be mortgageable given that the lease has 72 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 23/1/2023 the requirements read as follows :
Are there restrictive covenants that are commonly identified during conveyancing in Barnehurst?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Barnehurst. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing a new build house in Barnehurst with a loan from Chelsea Building Society. The builders refused to move on the price so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my conveyancer about this deal as it could impact my loan with the lender. Do I keep my lawyer in the dark?.
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 have been on the look out for a flat up to £245,000 and identified one close by in Barnehurst I like with amenity areas and railway links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Barnehurst in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.