We are about to exchange contracts for a leasehold flat in Lake. We encountered a snag. The loan offer with Platform Home Loans Ltd expires on 24/5/2023 but the sellers are putting forward a completion date of 26/5/2023. Is it possible to extend the mortgage offer?
The best person to address this issue is your solicitors who is in a position to determine if he or she is better off negotiating with the mortgage company, seller’s representatives, estate agents or conceivably all three taking into account the history of your conveyancing as of today.
We see that you have a post code search directory listing law firms on the Principality conveyancing panel. Do companies pay you a commission if I instruct them for our own conveyancing in Lake?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Lake.
we are a couple who are hoping to buy a newly converted apartment in Lake with a mortgage from Godiva Mortgages Ltd.We would like to retain our Lake conveyancing practitioner but Godiva Mortgages Ltd advised that his firm is not on their "panel". It seems we are left with no choice but to instruct a Godiva Mortgages Ltd panel firm or retain our high street solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan issued to you contains various provisions, a common one being that solicitors needs to be on the Godiva Mortgages Ltd approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Godiva Mortgages Ltd
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Lake is where the house is located. Is there any guidance you can give?
Flying freeholds in Lake are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lake you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lake may ascertain 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 premises.
I am using a search engine for the term on line conveyancing in Lake it reveals numerous property lawyersin the area. How do I determine which is the suitable conveyancer for the sale of my house?
The best way of seeking a suitable conveyancer is via personal recommendation, so seek the guidance of colleagues and relatives who have bought a property in Lake or a respected estate agent or mortgage broker. Charges for conveyancing in Lake differ, so it's sensible to request a minimum of three costs illustrations from different property lawyers. Be sure to obtain confirmation what costs in the quote includes.
I am hoping to exchange soon on a ground floor flat in Lake. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Lake should include some of the following:
You should be advised what counts as a Nuisance as far as the lease is concerned Specifying your legal entitlements in relation to the communal areas in the block.By way of example, does the lease include a right of way over an accessway or staircase? Who has the liability to repair and maintain the building. It is important that you know who is duty bound to repair and maintenance of all parts of the block and communal areas The length of the lease term. You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark Ground rent - what is payable and what the invoice dates are, and also know whether this will change in the future
I invested in buying a basement flat in Lake, conveyancing was carried out in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Lake with an extended lease are worth £165,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2100
With 77 years left to run the likely cost is going to range between £7,600 and £8,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply 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 concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.