My husband and I decided to purchase a purpose built apartment in Niton with a residential mortgage from Barclays .We would like to retain our Niton conveyancing practitioner but Barclays advised that he's not on their "panel". we are left little option but to use a Barclays panel firm or keep our local solicitor and fork out for a Barclays panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan offered to you is subject to its various provisions, one of which will be that lawyers needs to be on the Barclays approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barclays
I am purchasing a detached bungalow in Niton. Our aim is to carry out a loft conversion at the property.Will legal conveyancing on the property involve enquiries to ascertain if these works are allowed?
Your property lawyer should review the registered title as conveyancing in Niton will sometimes identify restrictions in the title documents which prohibit categories of changes or necessitated the consent of another owner. Certain extensions require local authority planning permissions and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
When it comes to lenders such as TSB, do Niton solicitors have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
The mortgage over my property is with HSBC for my property in Niton. Conveyancing was finalised some time 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 BTL mortgage or inform HSBC?
HSBC must be informed of your intention before letting out your property as this is likely to be a breach of HSBC’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 HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel lawyer.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Niton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Niton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Niton benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not to tell my solicitor about this extras as it could put at risk my mortgage with the lender. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Niton is the location of the property. Can you offer any guidance?
Flying freeholds in Niton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Niton you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Niton 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 property.
What are the frequently found problems that you come across in leases for Niton properties?
Leasehold conveyancing in Niton is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. A duty to insure the building
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I acquired a 1 bedroom flat in Niton, conveyancing was carried out in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Niton with an extended lease are worth £165,000. The ground rent is £50 invoiced every year. The lease finishes on 21st October 2104
You have 78 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.