I chose a local solicitor for our conveyancing in Loughton yesterday. Going through the fine print I seewe are on the hook for costs even if the dealdoes not happen. Should I go with them or appoint an on-line conveyancing brokerage offering no move no charge conveyancing in Loughton?
It is usually a trade off in that if "No Sale No Fee" is advertised then the fee levels will generally be more expensive to neutralise those cases that do not proceed. Do bear in mind that these promotions generally do not cover expenditure e.g. Loughton conveyancing search fees.
My aunt passed away six months ago and as sole heir and executor I was left the house in Loughton. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then Skipton will require that you use a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
Me and my brother purchased a renovated Victorian house in Loughton. Conveyancing solicitor represented me and Lloyds TSB Bank. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the matching property. Is it worth asking Lloyds TSB Bank to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Loughton and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing practitioner who conducted the work.
I'm buying my first flat in Loughton with a loan from Nottingham Building Society. The developers refused to budge the price so I negotiated 6k of extras instead. The house builders rep told me not inform my lawyer about the deal as it may jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Loughton is the location of the property. Is there any advice you can impart?
Flying freeholds in Loughton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Loughton you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Loughton may determine 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 today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Loughton. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Loughton are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Loughton so you should seriously consider shopping around for a Loughton conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will report to you on the legal implications.
We have reached the end of our tether in trying to purchase the freehold in Loughton. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the amount due.
An example of a Freehold Enfranchisement case for a Loughton premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The unexpired term as at the valuation date was 69.26 years.