I am purchasing a new build apartment in Honiton and my conveyancer is advising me that she is duty bound to the lender to reveal incentives from the seller. I am under pressure to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How do I check that the solicitor handling my conveyancing in Honiton is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Halifax thus spending £187.00 plus VAT in additional conveyancing costs.
You should make the most of the search tool on this site. Pick the mortgage company and type ‘Honiton’ or your preferred area and you will discover numerous solicitors based in Honiton or near you.
This question may be naive but I am wet behind the ears as FTB of a garden flat in Honiton. Do I receive the keys to the premises on the completion date from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Honiton?
On the day of completion you will not be required to attend the conveyancers office in Honiton. Your solicitors will electronically transfer the purchase money to the owner’s conveyancers, and once they have received this, you should be invited to pick up the keys from the Estate Agents and move into your new home. Usually this occurs early afternoon.
When it comes to mortgage companies such as Santander, do Honiton property lawyers face a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
The mortgage over my property is with Aldermore for my property in Honiton. Conveyancing was finalised 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 BTL mortgage or inform Aldermore?
Aldermore must be informed of your intention prior to renting your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Aldermore directly. You need not do this via a Aldermore conveyancing panel firm.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Honiton is the location of the property. Can you offer any advice?
Flying freeholds in Honiton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Honiton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Honiton may decide 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 residence.
In what way can the Landlord & Tenant Act 1954 impact my business premises in Honiton and how can your lawyers assist?
The 1954 Act provides security of tenure to commercial leaseholders, giving them the right to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act for protection and handle your commercial conveyancing in Honiton
I own a leasehold house in Honiton. Conveyancing and Halifax mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Honiton who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Honiton conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a ground floor flat in Honiton, conveyancing formalities finalised April 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Honiton with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2079
You have 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.