My wife and I have arranged the release of further monies on our mortgage from Co-operative as we wish to conduct renovations to our property in Moreton. Do we need to choose a nearby Moreton solicitor on the Co-operative conveyancing panel to deal with the legals?
Co-operative do not ordinarily instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
I currently have a mortgage with Co-operative for my property in Moreton. Conveyancing has been completed 12 months ago. Should I wish 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 Co-operative?
You must advise Co-operative before renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative 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 Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel solicitor.
Principality have agreed my home loan in principle, my offer on a property in Moreton has been agreed to, what are the next steps?
Your property agent will wish to know who your solicitors are (ensure that the property lawyers are on the lender’s approved list). Telephone Principality or the financial adviser and complete any relevant paperwork. Principality will instruct a valuer who will get in contact with the estate agent or vendor to book an appointment. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Principality will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Moreton.
I'm buying my first flat in Moreton benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The property agent told me not reveal to my conveyancer about this deal as it could adversely affect my loan with the lender. Is this normal?.
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've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. Moreton is the location of the property. Can you shed any light on this issue?
Flying freeholds in Moreton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Moreton you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Moreton may ascertain 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.
Do I need to be wary by estate agents that I am dealing with are recommending an internet conveyancing firm rather than a High Street Moreton conveyancing company?
As is the case with many professional services, often input from relatives can be very helpful. Nevertheless there are many players in a conveyancing deal; estate agents, mortgage brokers and banks may put forward lawyers to select. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are at liberty to choose your preferred lawyer. You need to be aware that many lenders specify a panel list of conveyancers you must use for the mortgage related work in your home move.
Back In 2009, I bought a leasehold flat in Moreton. Conveyancing and Nationwide Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Moreton who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Moreton conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a studio flat in Moreton, conveyancing was carried out June 2006. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Moreton with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2085
With 64 years left to run we estimate the premium for your lease extension to span between £15,200 and £17,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I am buying a house mortgage free. My conveyancer has been given with two distinct proof of photo ID, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer stating that the money is legitimate and that it has come from inheritance and not selling fake DVD.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Moreton conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.