Why is leasehold purchase conveyancing in Danescourt costs more?
In summary, leasehold conveyancing in Danescourt and elsewhere usually warrants additional hours of investigation compared to freehold transactions. This includes lease investigation, liaising with the landlord concerning serving appropriate notices, securing up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
I am about to put a bid on a leasehold apartment in Danescourt. The property agents tell me that it is standard for flats in Danescourt to have less than 75 years left on the lease. I am getting a loan with Virgin. Is this going to be a problem if the lease has 70 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/11/2020 the requirements read as follows :
Is it the case that all Danescourt solicitor practices on the Kent Reliance conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be governed by the SRA. The majority of mortgage companies do permit licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
We previously appointed conveyancing lawyers located in Danescourt on the Kent Reliance solicitor panel. They have just billed me a separate charge for dealing with the Kent Reliance mortgage. Is this an additional conveyancing fee specified by Kent Reliance?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer can levy a fee for this. This fee is not dictated by Kent Reliance but by your Danescourt solicitor. Numerous firms on the Kent Reliance panel will charge an ‘acting for lender’ fee and others do not.
Two weeks ago we had a mortgage agreed in principle with HSBC. Danescourt conveyancing solicitors were chosen. How long does it take for HSBC to forward the offer to the lawyer?
There is no definitive answer here. Have HSBC completed the valuation? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I own a 4 bedroom Georgian house in Danescourt. Conveyancing practitioner represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You should assess 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 Danescourt and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing solicitor who conducted the purchase.
I'm buying a new build house in Danescourt with the aid of help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not to tell my solicitor about this extras as it will put at risk my loan with Chelsea Building Society. 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.
Do I need to be wary about 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm rather than a local Danescourt conveyancing firm?
As with lots of professional services, often recommendations from relatives can be very helpful. Yet there are lots of players in a conveyancing deal; estate agents, financial adviser and banks might all put forward lawyers to retain. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are free to choose your preferred conveyancer. You need to be aware that the majority of mortgage providers operate an approved list of solicitors you must use for the mortgage aspect of your transaction.