My IFA says he needs my Chinnor law firm’s panel reference for the HSBC conveyancing panel. What is the best way to obtain this. I have called my local Chinnor branch but they have not got back to me yet.
The sensible thing to do is ask for this information from your Chinnor solicitor . They should have a central record lender panel numbers.
Do I need to pop into the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Chinnor so that I can attend their offices if necessary.
As opposed to twenty years ago, almost all mortgage companies no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to supply identification documents and there are still manifest advantages to using a local solicitor, in your case a conveyancing solicitor in Chinnor.
We have agreed to purchase a house in Chinnor. One unusual aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Leeds Building Society your lawyer must follow the formal requirements outlined in Section two of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease fails to meet these provisions. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to Chinnor.
I am expecting a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Chinnor solicitors on the Leeds Building Society conveyancing panel, or is it better to go independently?
You will need to appoint Chinnor solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Chinnor solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Chinnor surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
4 months have elapsed following my purchase conveyancing in Chinnor took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Chinnor is where the house is located. What do you suggest?
Flying freeholds in Chinnor are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chinnor you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chinnor may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What makes a Chinnor lease unmortgageable?
There is nothing unique about leasehold conveyancing in Chinnor. Most leases are unique and drafting errors can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain parts of the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Bank of Scotland, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I acquired a garden flat in Chinnor, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Chinnor with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
You have 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.