My wife and I are buying a newly constructed apartment in Little Burstead and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the seller. I am on a tight deadline to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Little Burstead so that I can pop in to their offices when needed.
As opposed to ten years ago, most banks no longer require their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to supply ID documents and there are still manifest benefits to choosing a locally based solicitor, in your case a conveyancing solicitor in Little Burstead.
My stepmother informed me that in purchasing a property in Little Burstead there could be various restrictions prohibiting external alterations to the property. Is this right?
There are a number of properties in Little Burstead which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Little Burstead should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to lenders such as Santander, do Little Burstead solicitors have to pay an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
The formalities of my purchase has taken place for my property in Little Burstead. Conveyancing was a necessary evil but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have been on the look out for a flat up to £195,000 and found one round the corner in Little Burstead I like with open areas and railway links nearby, however it's only got 61 years on the lease. I can't really find anything else in Little Burstead suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I'm remortgaging my current property to a buy to let loan with Nottingham Building Society and I will use the rest of the raised equity as a deposit on a second house. The area we are interested in is Little Burstead. Will your conveyancers be able to act for both sets of banks and link together the conveyances?
Make use of our comparison tool on this site to be sure that the solicitors are approved by both banks. On the basis that they are your lawyer will be able to connect the two deals but you should have a chat with you lawyer and make apparent your desired outcome and requirements.
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Little Burstead. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Little Burstead ?
The majority of houses in Little Burstead are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Little Burstead so you should seriously consider shopping around for a Little Burstead conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
Leasehold Conveyancing in Little Burstead - Sample of Queries Prior to Purchasing
Is the freehold reversion owned collectively by the tenants? Who takes responsibility for maintaining and repairing the block? Are there any major works in the near future that could increase the service fees?