We decided to go with a high street lawyer for our conveyancing in Gants Hill recently. Upon checking the small print it is apparent thatI am liable for costs even if our purchase doesn't happen. Would I be best advised to choose a web based conveyancing brokerage promising no-sale-no-fee conveyancing in Gants Hill?
It is usually a trade off in that if "No Sale No Fee" is advertised then the conveyancing charges will tend to be be more expensive to neutralise the cases that do not proceed. Please beware that these schemes generally do not protect you from outlay e.g. Gants Hill conveyancing search fees.
My lawyer has uncovered a a legal deficiency with the lease for the apartment we are buying in Gants Hill. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancer says that he must ensure that the bank is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I am considering applying for a TSB mortgage for purchase of a newly converted (under development) in Gants Hill with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I'm buying a new build house in Gants Hill with a loan from The Mortgage Works. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not inform my conveyancer about this extras as it will adversely affect my loan 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. Gants Hill is where the house is located. Can you shed any light on this issue?
Flying freeholds in Gants Hill are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gants Hill you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gants Hill 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 am attracted to a couple of flats in Gants Hill which have approximately forty five years left on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field.
After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Gants Hill. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Gants Hill residence is 59 & 59a Clarendon Gardens in February 2014. The Tribunals valuation for the freehold was £30,073.00 The remaining number of years on the lease was 65 and 61.