We're in Lower Sunbury, FTBs purchasing with a mortgage (lender is Skipton , and our solicitor is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am being advised by my solicitor that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Lower Sunbury?
The right level of missing deeds indemnity insurance depends on your lender. It would differ for example between Barclays and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
The mortgage over my property is with UBS for my property in Lower Sunbury. Conveyancing has been completed 12 months 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 BTL mortgage or inform UBS?
UBS must be informed of your intention in advance of letting out your property as this is likely to be a breach of UBS’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 UBS directly. You need not do this via a UBS conveyancing panel lawyer.
I am due to exchange contracts on my flat. I had a double glazing fitted in August 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Lloyds are being difficult. The Lower Sunbury solicitor who is on the Lloyds conveyancing panel is saying indemnity insurance will be fine but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I purchased a terraced Victorian property in Lower Sunbury. Conveyancing lawyer represented me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lower Sunbury and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing practitioner who conducted the conveyancing.
I'm purchasing my first flat in Lower Sunbury with a loan from Santander. The sellers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not to tell my conveyancer about this deal as it will jeopardize my mortgage with Santander. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Lower Sunbury I like with open areas and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in Lower Sunbury suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Lower Sunbury conveyancing firm to act on my behalf?
if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Lease Extension matter before the tribunal for a Lower Sunbury property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired lease term was 82.93 years.
When it comes to leasehold conveyancing in Lower Sunbury what are the most frequent lease problems?
Leasehold conveyancing in Lower Sunbury is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
-
Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, and TSB all have express conveyancing instructions 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, forcing the purchaser to pull out.