My Chorlton conveyancer has discovered a difference between the surveyor’s assumptions in the home valuation survey and what is in the title deeds. 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 stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions 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.
Why do I have to pay up front when it comes to conveyancing in Chorlton?
If you are buying a property in Chorlton your solicitor will ask you place them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the conveyancing searches. When the down payment is as part of the total price then this should be needed shortly prior to exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
I'm purchasing a new build house in Chorlton with a loan from National Westminster Bank. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent advised me not to tell my conveyancer about this extras as it would impact my mortgage with the bank. Should I keep quiet?.
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.
Due to the guidance of my in-laws I had a survey completed on a house in Chorlton ahead of appointing solicitors. I have been told that there is a flying freehold element to the property. Our surveyor has said that some banks will refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Chorlton. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are four weeks into a freehold purchase having been directed to a firm by the high street agent to perform conveyancing in Chorlton. We are not happy. Could you you assist me in finding new solicitors?
They would have to be really poor in order to consider replacing them. Has the loan offer been issued? In the event that it has you need to advise them of the replacement lawyer and get the loan are issued to the new lawyers. Your new solicitor ideally needs to be on the banks approved list to avoid supplemental fees and frustration. So that should be your first question of the new lawyers. The search tool will assist you in finding a bank approved solicitor for your home move in Chorlton
I am tempted by the attractive purchase price for a couple of apartments in Chorlton which have about forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Chorlton is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chorlton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Chorlton Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
-
Is the freehold reversion owned jointly by the tenants? How much is the annual maintenance fee and ground rent?