My husband and I are looking to purchase a property in Martlesham and have instructed a Martlesham conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Santander have this morning contacted us to inform me that there is now an issue as our Martlesham lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Martlesham solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My grandfather passed away last year and as sole heir and executor I was left the property in Martlesham. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then Santander will insist on your using a conveyancer on the Santander 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 Santander 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 Santander mortgage is registered as a charge at the Land Registry.
My relative advised me that where I am buying in Martlesham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Martlesham conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Martlesham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data about Martlesham.
How does conveyancing in Martlesham differ for newly converted properties?
Most buyers of new build residence in Martlesham come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Martlesham usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Martlesham or who has acted in the same development.
I'm remortgaging my existing house to a buy to let loan with Barnsley Building Society and I will use the rest of the raised equity as a deposit on a second house. The location we are looking at is Martlesham. Will your lawyers be able to act for both sets of lenders and tie in the two deals?
Make use of our comparison tool on this page to check that the lawyers are approved by both banks. Having checked that they are the lawyer will be able to tie up the two deals but you should have a chat with you solicitor and specify your expectations and requirements.
My wife and I may need to sub-let our Martlesham basement flat for a while due to a new job. We used a Martlesham conveyancing practice in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Martlesham conveyancing solicitor is not around you can review your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain consent from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without first obtaining consent. Such consent is not allowed to be unreasonably withheld. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I acquired a basement flat in Martlesham, conveyancing was carried out 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Martlesham with over 90 years remaining are worth £202,000. The ground rent is £60 per annum. The lease ends on 21st October 2082
With just 57 years left to run the likely cost is going to be between £28,500 and £33,000 as well as costs.
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 this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.