I'm in the process of porting my current homeowner mortgage to a BTL Platform Home Loans Ltd mortgage. I have been informed by my broker that I require a conveyancer as part of the process. I spoke to my previous Egremont conveyancing practitioner who acted on my behalf when I initially acquired the premises. The costs illustration issued of just over five hundred pounds is an eye-watering amount to do this as its a remortgage than a sale or purchase.
The quote is slightly on the expensive side. If you shop around you may be able to get the conveyancing a bit cheaper by perhaps £125. On the other hand, if you were pleased with the conveyancing the firm gave you couldcome to regret opting for an an untested solicitor. Don't forget to enquire that the solicitor can act for Platform Home Loans Ltd. Do use our search tool to get a quote a Egremont conveyancing firm on the Platform Home Loans Ltd member panel, which can often include conveyancing solicitors in Egremont.
Our conveyancer has identified a defect with the lease for the flat we are buying in Egremont. The other side have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
I own a freehold residence in Egremont yet invoiced for rent, why is this and what is this?
It is rare for properties in Egremont and has limited impact for conveyancing in Egremont but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
My aunt passed away 10 months ago and as sole heir and executor I was left the property in Egremont. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then Barclays will insist on your using a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
I am purchasing a new build house in Egremont benefiting from help to buy. The sellers would not move on the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not disclose to my lawyer about this side-deal as it will impact my mortgage 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 have been on the look out for a ground for flat up to £195,000 and found one close by in Egremont I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Egremont suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.