My mortgage broker has requested my Kidsgrove law firm’s panel reference for the Santander conveyancing panel. Can you suggest how I discover this. I have e-mailed my local Kidsgrove branch but they cant find it on their system.
You are best placed to get this information from your Kidsgrove property lawyer . They maintain a central record lender panel numbers.
My fiance and I changing mortgage lender for our maisonette in Kidsgrove with Co-operative. We have a son 18 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of questions (1) Is this document specific to the Co-operative conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this compromise his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Co-operative. This is solely used to protect Co-operative if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Co-operative had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
My flat in Kidsgrove is up for sale and I have a buyer. Will my property lawyer need to be required to be on the Aldermore conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently in recent years.
When it comes to mortgage companies such as Principality, do Kidsgrove conveyancing practitioners have to pay an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
We had chosen solicitors located in Kidsgrove on the Coventry BS solicitor approved list. They have just invoiced me a supplemental amount for handling the Coventry BS mortgage. Is this a supplemental conveyancing fee specified by Coventry BS?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your property lawyer may charge a fee for this. This charge is not set by Coventry BS but by your Kidsgrove lawyer. Plenty of firms on the Coventry BS panel will levy an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
The mortgage over my property is with Santander for my property in Kidsgrove. Conveyancing was finalised a year ago. In the event that I decide 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 Santander?
Your original mortgage agreement with Santander will provide that you need their approval before letting out your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander 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 Santander directly. You need not do this via a Santander conveyancing panel solicitor.
I'm buying my first flat in Kidsgrove with the aid of help to buy. The sellers refused to reduce the price so I negotiated £7000 of extras instead. The house builders rep told me not inform my conveyancer about the side-deal as it may adversely affect my loan with Lloyds TSB Bank. 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.
I’m about to sell my garden flat in Kidsgrove. Conveyancing has not commenced, but I have recently had a yearly service charge demand – what should I do?
The sensible thing to do is clear the maintenance contribution as you normally would because all ground rent and maintenance invoices should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a 1st floor flat in Kidsgrove, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Kidsgrove with over 90 years remaining are worth £171,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2104
With only 79 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.