We were just about to sign contracts for a freehold house in Goodrich. We encountered a stumbling block. Our mortgage offer with Accord Mortgages Ltd runs out on 16/12/2021 but the sellers are suggesting a completion date of 20/12/2021. Is it possible to extend the mortgage expiry date?
The person best placed to address this issue is your conveyancer who is in a position to assess if he or she is better off negotiating with the bank, seller’s representatives, estate agents or conceivably all three given what has gone on in your transaction as of today.
I purchased a freehold house in Goodrich but still invoiced for rent, why is this and what is this?
It is rare for properties in Goodrich and has limited impact for conveyancing in Goodrich 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Please explain the implications if my solicitor is removed from the Barclays Conveyancing panel ahead of completing my conveyancing in Goodrich?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am purchasing my first flat in Goodrich benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The estate agent suggested that I not reveal to my solicitor about this deal as it may impact my loan with the lender. 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.
Due to the advice of my in-laws I had a survey completed on a house in Goodrich ahead of appointing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor advised that some banks tend refuse to issue a loan on this type of premises.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Goodrich. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Goodrich to see if the conveyancing will be more expensive.
When it comes to leasehold conveyancing in Goodrich what are the most common lease problems?
Leasehold conveyancing in Goodrich is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. Insurance obligations
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Mortgage Works, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I invested in buying a leasehold flat in Goodrich, conveyancing having been completed half a dozen 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? Equivalent properties in Goodrich with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2098
With 77 years left to run we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.