My Solicitor in Belton has never been on on the The Mortgage Works Solicitor Panel. Can I still retain my prefered solicitor notwithstanding that they are excluded from the The Mortgage Works panel?
Your options are as follows:
- Complete the purchase with your existing Belton solicitors but The Mortgage Works will need to retain a conveyancer on their list of acceptable firms. This will inevitably rack up the overall legal fees and cause frustration.
- Get a new solicitor to act in the purchase, not forgetting to check they are The Mortgage Works approved.
- Try to convince your The Mortgage Works based solicitor to seek to join the The Mortgage Works panel
I'm purchasing a new build house in Belton with a mortgage from Nottingham Building Society. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my lawyer about this extras as it will put at risk my loan 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 have been advised by a few estate agents in Belton to locate a property lawyer using your seach tool. What’s the financial incentive for Estate Agents to offer your services over and above a competitor’s?
We refuse to give any commission for directing people to this site. We thought it would be too underhand a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
We're FTB’s - agreed a price, but the selling agent told us that the owners will only go ahead if we appoint the agent's recommended lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Belton
We suspect that the seller is unaware of this ultimatum. Should the seller desire ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Contact the owners directly and explain that (a)you are genuine buyers (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you will continue to instruct your own,trusted Belton conveyancing firm - as opposed tothe ones that will earn the estate agent a referral fee or achieve conveyancing targets pre-set by HQ.
In relation to leasehold conveyancing in Belton what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Belton. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
-
A provision for the recovery of money spent for the benefit of another party. Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
I inherited a garden flat in Belton, conveyancing was carried out 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Belton with a long lease are worth £181,000. The ground rent is £55 levied per year. The lease expires on 21st October 2077
With only 51 years remaining on your lease we estimate the premium for your lease extension to span between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
At long last our conveyancing in Belton completes next Friday, yet the sellers I am purchasing from wants to move out on the Saturday at 2pm. Should I accept such a plan?
Where you need a mortgage then your conveyancer will demand that the property isvacant on Friday - the lending institution will insist on it.