I have a mortgage with Nationwide for my property in Great Sankey. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. In many cases banks or building societies 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 Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel firm.
It is unclear whether my bank requires a lease extension. I have called my Great Sankey bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Great Sankey conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
As long as the solicitor is on the mortgage company panel, she or he must adhere to the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
After shopping around on the internet I have found a Great Sankey conveyancer having checked that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Great Sankey surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
three months have elapsed following my purchase conveyancing in Great Sankey completed. I have checked the Land Registry website which shows that I paid £150,000 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 my first flat in Great Sankey with a mortgage from Godiva Mortgages Ltd. The sellers would not budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about the extras as it will affect my loan with Godiva Mortgages Ltd. Should I keep quiet?.
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 decided to have a survey done on a house in Great Sankey in advance of retaining solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies may not issue a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Great Sankey. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Great Sankey to see if the conveyancing will be more expensive.
I am employed by a busy estate agent office in Great Sankey where we see a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Great Sankey conveyancing firms. Could you clarify whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a 1 bedroom flat in Great Sankey, conveyancing formalities finalised in 2011. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Great Sankey with over 90 years remaining are worth £202,000. The ground rent is £60 levied per year. The lease comes to an end on 21st October 2080
With only 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
I am purchasing a maisonette mortgage free. My conveyancer has been supplied with with 2 separate evidence of photo ID, bank statement, numerous utility bills. Now he needs a copy from a probate lawyer advising that the money is legitimate and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Great Sankey conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.