I have just been advised by my broker that my Carlton lawyer is not on the lender Conveyancing panel. How can I be sure if this is correct?
Your first step should be to call your Carlton conveyancer. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
I'm purchasing my first flat in Carlton benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not to tell my solicitor about the extras as it may jeopardize my mortgage with Bank of Scotland. 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.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Carlton I like with a park and station nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Carlton suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
How straightforward is it to use the search tool to find a conveyancing solicitor in Carlton on the authorised to act for my lender?
First select a mortgage company such as Birmingham Midshires, The Royal Bank of Scotland or Bank of Ireland then specify your location e.g. Carlton. Conveyancing organisations in Carlton and further afield should be shown.
I need to appoint a conveyancing solicitor for my conveyancing in Carlton. I've stumble upon a site which seems to have the ideal solution If it is possible to get all the legals completed via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a long established estate agent office in Carlton where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Carlton conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Carlton Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
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It would be sensible to discover as much as you can about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues like the upkeep of the communal areas. Enquire of other people whether they are happy with their management. Finally, find out the dates that the maintenance fees are due to the relevant party and specifically what it includes. The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the tenants enjoy being in charge if their destiny and even though a managing agent is usually retained where the building is larger than a house conversion, the managing agent retained by the leaseholders.