I am expecting a mortgage with Santander. I would like to retain the legal services of a Licensed Conveyancer in Moorgate. Does the Santander Conveyancing panel include conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
My fiancee and I are buying our first home. Our conveyancer has e-mailedto check if we want to take out extra conveyancing searches. Unfortunately we have no idea as to what's recommended for conveyancing in Moorgate
The scope of Moorgate conveyancing searches depends primarily on the premises, the location, the possibility of any of these risks, your knowledge of the area and risks, your overall appetite to risk. What is important is that you properly appreciate what information each search could give you. You may then make a decision if you personally think you need that information. Should you be unclear, ask your property lawyer to recommend.
At what point will exchange of contracts take place for sale conveyancing in Moorgate and am I required to be at the conveyancers office?
If you are near to one of the conveyancing solicitors in Moorgate you are welcome to attend to sign the paperwork. That being said, the lender approved solicitors we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you electronically. The executing of the contract is not the point of no return. Signing on the dotted line is just a prerequisite for the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Moorgate)to be in the office available at the end of the phone to exchange contracts.
A colleague advised me that in purchasing a property in Moorgate there may be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
There are a number of properties in Moorgate which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Moorgate should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Does a directory service exist listing UBS panel conveyancers in Moorgate on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings visible online. If you are looking for a Moorgate lawyer on the UBS please use our tool.
The mortgage over my property is with RBS for my property in Moorgate. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
RBS must be informed of your intention in advance of letting out your property as this is likely to be a breach of RBS’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 RBS directly. You need not do this via a RBS conveyancing panel solicitor.
I am looking at a two apartments in Moorgate both have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Moorgate is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Moorgate conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
We have reached the end of our tether in trying to purchase the freehold in Moorgate. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the premium.
An example of a Lease Extension case for a Moorgate premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired lease term was 72.39 years.
Two months into buying a property in Moorgate. Conveyancing solicitor has called to say the property is "Leasehold". Will this likely adversely affect the marketability of the property?
Moorgate conveyancing does not usually involve leasehold houses. The crucial factor here is the remaining lease term and the ground rent. If it's 999 years with a nominal rent, it's essentially freehold, so it’s unlikely to impact the saleability significantly.
At the other end of the spectrum, if it's, say, fifty five years it will have a material impact on the saleability, and probably wouldn't be acceptable to the bank. The length of lease and ground rent will be set out in the lease which should be made available to your solicitor.