I am in the throes of porting my existing standard home loan to a BTL HSBC Bank mortgage. I have been informed by my broker that I need a solicitor for this. I spoke to my previous Harwell conveyancing firm who dealt with the legals when I initially bought the property. The pricing estimate they've given of £470 has surprised me as its a remortgage than a sale or purchase.
The charges seem a little high. If you are willing to spend time scrutinising prices you could decrease the fees marginally by say £125. On the other hand, providing that you were satisfied with the service the firm gave you maycome to regret opting for an an unknown solicitor. If is important to ensure that the conveyancer can represent HSBC Bank. You can employ our search tool to find a Harwell conveyancing firm on the HSBC Bank member panel, which can often include conveyancing solicitors in Harwell.
Our son is purchasing a new build apartment in Harwell with a home loan from Clydesdale. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am the only beneficiary of my late father’s estate with all property in now in my sole name, including the house in Harwell. The Harwell property was put into my name in June. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be considered the same way as if I'd bought the property in June. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this obligation primarily exists to capture the purchase and immediately sell or the wholesaling and assigning of property.
We were going to get a OIP from RBS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do RBS recommend any Harwell solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Harwell solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
I have decided to exercise my right to buy my property in Harwell off the council. I have a mortgage agreed with TSB. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
What does a local search reveal concerning the property we're purchasing in Harwell?
Harwell conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search is essential in every Harwell conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search will supply data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I am purchasing my first flat in Harwell with a loan from Godiva Mortgages Ltd. The builders would not move on the price so I negotiated £7000 of additionals instead. The property agent told me not disclose to my conveyancer about the extras as it will impact my loan with the lender. Is this normal?.
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.
What makes a Harwell lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Harwell. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations A provision to repair to or maintain parts of the building
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I own a studio flat in Harwell, 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 Harwell with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2089
With only 65 years unexpired the likely cost is going to be between £13,300 and £15,400 plus 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 without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.