Much to our surprise we have been notified by our mortgage broker that my Leiston property lawyer is not on the lender Solicitor panel. What can I do to be certain whether this is indeed the case?
The first thing you need to do is to contact your Leiston conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
My son-in-law is in the process of securing a newly built flat in Leiston with a mortgage from Lloyds. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds 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 Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My property lawyer in Leiston has never been on on the The Mortgage Works Conveyancing Panel. Can I still retain my prefered solicitor notwithstanding that they are excluded from the The Mortgage Works panel of approved conveyancing solicitors?
The limited options open to you here include:
- Complete the purchase with your existing Leiston lawyers but The Mortgage Works will need to instruct a solicitor on their panel. This will result in additional overall conveyancing charges as well as cause delays.
- Choose a new lawyer to to deal with the purchase, obviously checking they are Persuade your conveyancer to do everything within their powers to join the The Mortgage Works conveyancing panel
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Leiston I like with a park and station nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Leiston in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
What are the common problems that you encounter in leases for Leiston properties?
Leasehold conveyancing in Leiston is not unique. Most leases are drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
-
Repairing obligations to or maintain elements of the building A duty to insure the building
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Skipton Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I own a 1 bedroom flat in Leiston, conveyancing formalities finalised 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Leiston with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2097
With 71 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
I have today placed an offer on a leasehold flat in Leiston and the estate agent that we are using recommended his conveyancing practitioner. She quoted £1000 excluding VAT and 3rd party costs. Does this sound like a good deal?
Don't just go on one estimate. One should obtain like-for-like quotes for your conveyancing in Leiston. Then choose one that you are comfortable with and crucially, is on the approved list of the bank that you are sourcing your mortgage from.