Due to move into my new home in Mudeford next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not limited to conveyancing in Mudeford.
We previously instructed conveyancers based in Mudeford on the Nationwide solicitor approved list. They have just billed me a separate amount for dealing with the Nationwide mortgage. Is this a supplemental conveyancing fee set by Nationwide?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your solicitor can levy a fee for this. This charge is not dictated by Nationwide but by your Mudeford conveyancer. Plenty of firms on the Nationwide panel will levy ’dealing with mortgage’ fee and others do not.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Mudeford conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland 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 Bank of Ireland mortgage from the register. Bank of Ireland, 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 Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
The mortgage over my property is with Leeds Building Society for my property in Mudeford. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
You must advise Leeds Building Society before letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society 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 Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel solicitor.
My colleague suggested that if I am buying in Mudeford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Mudeford conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Mudeford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Mudeford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Mudeford Education with maps and statistics, Local Amenities and other useful data about Mudeford.
I'm purchasing a new build house in Mudeford with a loan from Lloyds TSB Bank. The sellers would not reduce the price so I negotiated 6k of extras instead. The sale representative told me not to tell my lawyer about the deal as it may jeopardize my mortgage with Lloyds TSB Bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Is it simple use your search tool to get a costs illustration from a conveyancing practitioner in Mudeford on the approved list for my bank?
First select a lender such as Yorkshire Building Society, Barnsley Building Society or Bank of Ireland then specify your preferred area e.g. Mudeford. Conveyancing organisations in Mudeford and nationally will then be shown.
Can you provide any top tips for leasehold conveyancing in Mudeford from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Mudeford can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers’ lawyers. A minority of Mudeford leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unresolved. Many landlords or Management Companies in Mudeford levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Mudeford. You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I am the registered owner of a 2 bed flat in Mudeford, conveyancing was carried out September 2002. How much will my lease extension cost? Comparable properties in Mudeford with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease expires on 21st October 2087
You have 66 years left to run the likely cost is going to be between £11,400 and £13,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. 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 considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.