Me and my wife are buying residence in Knottingley. My lawyer is not on the mortgage company approved list. Can I still retain my Knottingley conveyancing solicitor notwithstanding that they are not on the bank panel?
One will need to have a lawyer to complete the legal work required when you take out a loan to purchase your property. The property lawyer will conduct all the relevant due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage documentation is in order. One could instruct a Knottingley conveyancing practitioner of your choice. Nevertheless, where the conveyancer selected is not a member of the bank solicitor panel supplemental costs will be incurred as separate legal representation will be required by them. Conveyancing panel applications can be submitted, so if your lawyer has not historically applied for membership they should take the chance to apply.
I purchased a freehold premises in Knottingley yet pay rent, why is this and what is this?
It is rare for properties in Knottingley and has limited impact for conveyancing in Knottingley 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 date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
I'm purchasing my first flat in Knottingley with the aid of help to buy. The sellers would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my solicitor about the deal as it could adversely affect my mortgage with Platform Home Loans Ltd. Is this normal?.
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.
My husband and I are novice buyers - had an offer accepted, yet the property agent advised that the vendor will only proceed if we appoint their recommended solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor who is accustomed to conveyancing in Knottingley
We suspect that the seller is unaware of this requirement. If they desire ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Speak to the owners direct and make the point that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to instruct your own,trusted Knottingley conveyancing lawyers - rather thanthe ones that will earn the estate agent a introducer fee or hit his conveyancing targets pre-set by corporate headquarters.
I am employed by a busy estate agency in Knottingley where we have experienced a number of leasehold sales derailed as a result of short leases. I have been given conflicting advice from local Knottingley conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchased a split level flat in Knottingley, conveyancing formalities finalised 7 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Knottingley with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2088
With 63 years left to run we estimate the price of your lease extension to range between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Can you set out the extent of conveyancing supplied by Knottingley conveyancing organisations?
Most Knottingley conveyancing firms manage to offer various legal advice to home and land owners, vendors, investors, freeholders and tenants including the following:
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Home sale conveyancing in Knottingley and wider afield
Domestic purchase conveyancing in Knottingley and throughout England and Wales
Property division, resulting from divorce or breakdown of a relationship Key worker schemes Property investment and purchasing to Let Leasehold Enfranchisement - both lease extensions and buying the freehold