we are a couple who are purchasing a 3 bedroom apartment in Niton with a homeloan from Nottingham Building Society.We would like to retain our Niton conveyancing lawyer but Nottingham Building Society advised that she’s not listed on their approved list of member firms. we are left little option but to use a Nottingham Building Society panel firm or keep our preferred solicitor and pay for a Nottingham Building Society panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its terms and conditions, one of which will be that conveyancers must be on the Nottingham Building Society approved list. Until recently, most banks had large numbers of solicitors 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Nottingham Building Society
My wife and I purchasing a terrace house in Niton. Our aim is to an extension at the rear at the house.Will legal work on the property include enquiries to determine if these alterations were previously refused?
Your conveyancer should check the deeds as conveyancing in Niton can sometimes reveal restrictions in the title deeds which prevent categories of changes or necessitated the permission of a 3rd party. Many additions require local authority planning consent and approval under the building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
When it comes to lenders such as Nationwide, do Niton solicitors have to pay an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have a mortgage with UBS for my property in Niton. Conveyancing was finalised a year 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 BTL mortgage or inform UBS?
Your original mortgage agreement with UBS will provide that you need their approval before letting out your property as this is likely to be a breach of UBS’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 UBS directly. You need not do this via a UBS conveyancing panel lawyer.
Are there restrictive covenants that are commonly picked up during conveyancing in Niton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property 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 purchasing my first flat in Niton with a loan from TSB. The sellers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not inform my solicitor about the side-deal as it would put at risk my mortgage with the lender. 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.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Niton is the location of the property. Is there any advice you can give?
Flying freeholds in Niton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Niton you would need to get your solicitor to go through the deeds thoroughly. 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 premises.
Are there common problems that you come across in leases for Niton properties?
Leasehold conveyancing in Niton is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Skipton Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I bought a 1st floor flat in Niton, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Niton with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2104
With just 78 years remaining on your lease we estimate the price of your lease extension to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" 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 without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.