Me and my fiance are buying a 1 bedroom flat in Cringleford with a mortgage. We like our Cringleford solicitor, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Cringleford lawyer and pay for one of their panel ones to act for them. This feels very unfair; can we not insist that the mortgage company use our Cringleford conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Cringleford conveyancing solicitor to apply to be on the conveyancing panel.
Me and my brother have a semi-detached Edwardian property in Cringleford. Conveyancing practitioner represented me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cringleford and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
I'm purchasing my first flat in Cringleford with a loan from The Mortgage Works. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not to tell my conveyancer about the side-deal as it could impact my loan with the bank. 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 decided to have a survey completed on a house in Cringleford prior to appointing lawyers. I have been told that there is a flying freehold element to the property. My surveyor has said that some banks may refuse to give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cringleford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cringleford to see if the conveyancing will be more expensive.
I work for a reputable estate agent office in Cringleford where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Cringleford conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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.
I am the registered owner of a garden flat in Cringleford, conveyancing was carried out in 2003. How much will my lease extension cost? Similar flats in Cringleford with a long lease are worth £202,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2082
With only 56 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
I am an executor of my recently deceased aunt’s Will, with a bungalow in Cringleford which will be marketed. The bungalow has never been registered at HMLR and I'm told that many buyers solicitors will insist that it is in place before they'll move forward. What's the mechanism for this?
In the situation you refer to it seems sensible to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.