When it comes to lenders such as Lloyds, do Edge Hill solicitors incur a fee to be on the list of approved solicitors?
We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I currently have a mortgage with Skipton for my property in Edge Hill. Conveyancing has been completed some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
Skipton must be informed of your intention prior to letting out your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel solicitor.
It is not clear whether my mortgage offer requires a lease extension. I have called my Edge Hill building society branch on numerous occasions and was told they are content with the situation and they would lend. My Edge Hill conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend based on their published requirements. Who do I believe?
As long as the conveyancer is on the bank panel, she or he must comply with the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing my first flat in Edge Hill with a loan from Alliance & Leicester . The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not reveal to my lawyer about this extras as it will affect my loan with the bank. Is this normal?.
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've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Edge Hill is where the house is located. Can you offer any opinion?
Flying freeholds in Edge Hill are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Edge Hill you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edge Hill 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 residence.
Do I need to be wary by brokers that I am dealing with are recommending an internet conveyancing firm rather than a High Street Edge Hill conveyancing firm?
As is the case with many service providers, often recommendations from relatives can be worth their weight in gold. But there are numerous people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders may suggest lawyers to retain. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes commercial relationship behind the recommendation. You have the right to appoint your own lawyer. You need to be aware that many lenders have an approved list of law firms you are obliged to use for the mortgage aspect of your conveyancing.
My partner has recommend that I appoint his conveyancing solicitors in Edge Hill. Should I use them?
Much as we are happy to recommend a Edge Hill conveyancing lawyer the best way to find a conveyancing solicitor is to get recommendations from friends or family who have experience in using the firm that you are are thinking of instructing.
I am attracted to a couple of maisonettes in Edge Hill both have in the region of 50 years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Edge Hill is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more upbeat 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 residence 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 Edge Hill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
I acquired a 2 bed flat in Edge Hill, conveyancing formalities finalised in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Edge Hill with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease comes to an end on 21st October 2085
With only 59 years left to run the likely cost is going to be between £20,900 and £24,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs 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 other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.