My wife and I are about to exchange on the purchase of a property in Cross Hands but as a result of damage from the recent storms I have was able negotiate recompense from the seller in the sum of £2k in the form of a reduction in the price. I had intended this to be addressed as part of amending the contract yet Principality will not agree to this. Should they have been notified?
Your lawyer being on the Principality conveyancing panel is required to inform Principality of any variations to the purchase price. If you prohibit your lawyer to disclose the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new conveyancer for your conveyancing in Cross Hands.
I have a decision in principle. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather appoint a local conveyancing solicitor in Cross Hands?
Do check but the the probability is that appoint one of their panel conveyancers where you take up the "fee-free" incentive. Contact the bank to determine if they offer you a cash alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Cross Hands.
Last month we had a mortgage agreed in principle with Aldermore. Cross Hands conveyancing practitioners have been instructed. What is the average time that one could expect to receive a mortgage offer from Aldermore?
Some lenders take longer than others. Have Aldermore conducted the valuation? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I can not fathom if my mortgage offer requires a lease extension. I have telephoned my Cross Hands bank branch on numerous occasions and was advised it wasn't a problem and they will lend. My Cross Hands conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your solicitor has to follow the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
At last I have had an offer on a maisonette in Cross Hands agreed to, the owners do nevertheless have a dependent purchase. The vendors have offered on a property, but it’s not been accepted yet, and are looking at other apartments booked. I have selected a high street conveyancing solicitor in Cross Hands. What should be my next step? When should I get the mortgage application with Principality started?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then survey, Cross Hands conveyancing search costs, etc). First, you must check that your lawyer is on the Principality conveyancing panel. As to the next phase this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a hot market the majority of purchasers will apply for the mortgage with Principality and arrange for the valuation and only if it was satisfactory would they request their lawyer to move forward with the conveyancing in Cross Hands.
My wife and I own a renovated Georgian property in Cross Hands. Conveyancing practitioner represented me and TSB. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be 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 Cross Hands and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing practitioner who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Cross Hands is the location of the property. What do you suggest?
Flying freeholds in Cross Hands are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cross Hands you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cross Hands may determine 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 premises.
I wish to sublet my leasehold apartment in Cross Hands. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Cross Hands conveyancing solicitor is no longer around you can check your lease to see if you are permitted to let out the property. The rule is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you need to obtain consent via your landlord or some other party prior to subletting. The net result is that you cannot sublet without prior consent. The consent should not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
I purchased a 2 bed flat in Cross Hands, conveyancing formalities finalised 6 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Cross Hands with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2092
With only 67 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.