We decided to go with a local firm for my conveyancing in Linslade today. After carefully reading the Terms and Conditions I seewe are on the hook for costs even where the transaction does not complete. Should I go with them or use an internet firm who offer no completion no charge conveyancing in Linslade?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the conveyancing charges will tend to be be higher to neutralise the cases that fail to complete. Do bear in mind that such promotions rarely cover disbursements for instance Linslade conveyancing search charges.
I have 71 years left on my lease and need a lease extension for my flat in Linslade. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 24/7/2021 the requirements read as follows :
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to 5 years
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to RPI
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years
I happen to be the sole recipient of my late father’s will and I have everything in my name alone, including the house in Linslade. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the property. I understand that there is a CML six month 'rule', which means that my property ownership will be considered the same way as though I had purchased the property in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view mortgage companies take of it, depend on the bank as this obligation primarily exists to capture the purchase and immediately sell or the quick reselling of property.
We previously instructed conveyancing lawyers based in Linslade on the Nottingham solicitor panel. They are now charging me a separate sum for the legal aspects of the Nottingham mortgage. Is this an additional conveyancing fee specified by Nottingham?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer can charge a fee for this. This charge is not set by Nottingham but by your Linslade conveyancer. Plenty of firms on the Nottingham panel will charge an ‘acting for lender’ fee and others do not.
I had a mortgage agreed in principle with Leeds Building Society. Linslade conveyancing practitioners are instructed. How long does it take for Leeds Building Society to send the offer to the solicitor?
There is no definitive answer here. Have Leeds Building Society done the valuation? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My wife and I purchased a terraced Edwardian house in Linslade. Conveyancing solicitor represented me and Skipton Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the matching address. Is it worth asking Skipton Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Linslade and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing practitioner who conducted the conveyancing.
What tools are available to search for a Linslade solicitor on the Bank of Scotland conveyancing panel? I have a car and am happy to travel upto 25miles to meet the solicitor.
Feel free to make use of the facility on this page. Please choose the lender and your location and you will see a number of Linslade conveyancing lawyers locally. We have listed some Linslade conveyancing firms towards the end of this page and you can telephone them to see if they are on the Bank of Scotland approved list
What do I do if I am unhappy with the lawyer who handled my conveyancing in Linslade?
We live in an imperfect world, and unfortunately occasionally things do go wrong. That being said there is recourse where you were not happy with your conveyancing in Linslade. This varies from trying to resolve matters directly with them, through to reporting a lawyer to their governing body. If you remain aggrieved you may consider enlisting the help of the Legal Ombudsman.