My wife and I are soon to exchange on the purchase of a house in Liphook but as a consequence of damage from some water damage at the property I have managed to agree compensation from the current proprietors of six thousand pounds by way of a deduction in the price. This was going to be dealt with as part of the conveyancing process but UBS will not agree to this. Should they have been notified?
The lawyer being on the UBS approved list is obliged to inform UBS of any amendments to the purchase price. If you prohibit your solicitor to disclose the reduction to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new solicitor for your conveyancing in Liphook.
I am being advised by my solicitor that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Liphook?
The right level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Halifax and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
Two weeks ago we had a mortgage agreed in principle with Barclays. Liphook conveyancing lawyers are appointed. How long does it take for Barclays to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Barclays conducted the survey? Have you informed Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The mortgage over my property is with Nottingham for my property in Liphook. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
You must advise Nottingham prior to renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies 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 Nottingham directly. You need not do this via a Nottingham conveyancing panel lawyer.
Have completed on a a semi-detached house in Liphook , What is the estimated time for the Land Registry to register my ownership? My Liphook conveyancing solicitor has been very slow, so I want to check that my ownership is registered.
There is nothing unique when it comes to conveyancing in Liphook registration formalities. As opposed to being determined by geographic area, timescales can differ depending on who lodges the application, whether it is in order and if the Land registry need to notify any 3rd persons or bodies. As of today in the region of three quarters of submission are fully dealt with within 12 days but some can be subject to longer delays. Historically registration takes place after the buyer is living at the premises therefore registration formalities is not always primary concern but if there is a degree of urgency associated with the registration then you or your conveyancer could speak with the land registry and explain the circumstances.
I'm buying my first flat in Liphook with a loan from Santander. The sellers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not reveal to my lawyer about the side-deal as it would adversely affect my mortgage with Santander. 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 remortgaging my existing property to a BTL loan with Skipton Building Society and I will use the ballance of the raised equity as a down payment on further house. The location we are looking at is Liphook. Will your lawyers be able to act for the two mortgage companies and tie in the conveyances?
Do use our comparison tool on this site to check that the lawyers are approved by both mortgage companies. On the basis that they are the lawyer should be able to connect the two deals but you should talk with you conveyancer and communicate your expectations and requirements.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Liphook. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Liphook ?
The majority of houses in Liphook are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Liphook in which case you should be shopping around for a Liphook conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
I inherited a ground floor flat in Liphook, conveyancing formalities finalised October 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Liphook with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2082
You have 56 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.