I am selling my apartment in Pembroke and the EA has just telephoned to advise that the purchasers are changing their conveyancer. The reason given is that the lender will only work with property lawyers on their conveyancing panel. Why would a big named lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Pembroke ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
What will a local search reveal regarding the property my wife and I buying in Pembroke?
Pembroke conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search plays a central role in most Pembroke conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
The deeds to my property can not be found. The solicitors who did the conveyancing in Pembroke 4 years ago have long since closed. What are my next steps?
As long as the title is registered the details of your ownership will be retained by the Land Registry with a Title Number. It is easy to execute a search at the Land Registry, identify your property and secure up to date copies of the property title for less than a fiver. Where the property is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be obtained for twenty pounds.
I am purchasing my first flat in Pembroke with the aid of help to buy. The sellers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not disclose to my lawyer about the deal as it could put at risk my loan with Barclays . Should I keep quiet?.
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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Pembroke I like with open areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Pembroke suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I am looking at a couple of apartments in Pembroke both have approximately 50 years unexpired on the leases. should I be concerned?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena.
I purchased a studio flat in Pembroke, conveyancing was carried out in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Pembroke with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2093
With 67 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.