Am I correct in assuming that the fact that my solicitor in Frant is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Frant conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
It has been 3 months following my purchase conveyancing in Frant took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Frant with a loan from Yorkshire Building Society. The developers would not budge the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not reveal to my conveyancer about this side-deal as it will adversely affect my mortgage with Yorkshire Building Society. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Frant prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some banks tend refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Frant. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Frant to see if the conveyancing will be more expensive.
Do you have any top tips for leasehold conveyancing in Frant from the perspective of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Frant can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers’ representatives. If you hold a share in a the Management Company, you should make sure that you hold the original share document. Obtaining a new share certificate can be a lengthy process and delays many a Frant home move. If a new share is needed, you should approach the company officers or managing agents (where applicable) for this sooner rather than later. Some Frant leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. You believe that you know the number of years remaining on your lease but you should verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Frant leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your lawyer before hand.
I bought a leasehold flat in Frant, conveyancing having been completed 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Frant with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2081
With just 61 years unexpired we estimate the premium for your lease extension to span between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I would be grateful if you would explain what my options are if my Frant conveyancing searches reveals negative entries?
Usually, most problems that arise in Frant conveyancing search results can be handled before completion or indemnity insurance could possibly be put on cover. It is important to remember that even though you intend on purchasing the premises and may be content to live with the search results, your lender may not, and ultimately the decision rests with them.