I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Margate with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
We had appointed conveyancers locally in Margate on the Nottingham solicitor panel. They have just billed me a further charge for dealing with the Nottingham mortgage. Is this a supplemental conveyancing fee specified by Nottingham?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your conveyancing practitioner can charge a fee for this. This fee is not set by Nottingham but by your Margate property lawyer. Some firms on the Nottingham panel will levy an ‘acting for lender’ fee and others do not.
I have paid off my mortgage with Nationwide. I assume I don't need a Margate solicitor on the Nationwide panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nationwide mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nationwide mortgage from the register. Nationwide, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Margate bank branch on a couple of occasions and was advised it wasn't an issue and they will lend. My Margate conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I have no idea who is right.
As long as the conveyancing practitioner is on the mortgage company panel, she or he must follow the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying a new build house in Margate benefiting from help to buy. The developers refused to budge the amount so I negotiated £7000 of extras instead. The house builders rep told me not inform my lawyer about this side-deal as it could jeopardize my loan with the lender. Should I keep quiet?.
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.
I am selling my house. My previous lawyers has retired. I am in need of a recommendation of a conveyancing firm. I happen to live in Margate if that makes things easier.
You should use our search tool to help you find a solicitor for your conveyancing in Margate. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I work for a busy estate agency in Margate where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Margate conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a 1 bedroom flat in Margate, conveyancing was carried out 8 years ago. How much will my lease extension cost? Corresponding flats in Margate with an extended lease are worth £185,000. The ground rent is £65 invoiced annually. The lease terminates on 21st October 2084
You have 60 years remaining on your lease the likely cost is going to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
There are a number of houses in Margate on private lanes. I am acquiring such a property. What would be the pros and cons of buying a property on a privately owned road?
Margate conveyancing practices will be well versed in conveyancing propertieson private. Your lawyer will review the Land Registry data to identify any rights or liabilities. In many cases there is a management company (wholly owned by residents) that residents pay into for the upkeep of the road. Where one exists, the road should be maintained and look better than council maintained.