I am obtaining a offer of a home loan from Halifax. My intention is to use a Licensed Conveyancer in Prescot. Does the Halifax Conveyancing panel allow for Licensed Conveyancers?
The Halifax approved solicitor list is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My wife and I are approaching an exchange on a house in Prescot and my parents have transferred the exchange deposit to my solicitor. I am now told that as the deposit has not arrived from me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
Your lawyer is obliged to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am buying my first flat in Prescot with the aid of help to buy. The developers would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent told me not inform my solicitor about the side-deal as it will affect my loan with Chelsea Building Society. Do I keep my lawyer in the dark?.
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.
Due to the encouragement of my in-laws I had a survey completed on a property in Prescot prior to instructing solicitors. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some lenders will refuse to issue a loan on such a house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Prescot. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Prescot to see if the conveyancing will be more expensive.
As co-executor for the will of my aunt I am disposing of a house in Neath but I am based in Prescot. My lawyer (approximately 235 kilometers awayrequires that I execute a statutory declaration prior to the transaction finalising. Can you recommend a conveyancing lawyer in Prescot to attest this legal document for me?
strictly speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are based in Prescot
I work for a busy estate agency in Prescot where we have experienced a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Prescot conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a garden flat in Prescot, conveyancing formalities finalised in 2007. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Prescot with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease ends on 21st October 2080
With just 54 years left to run the likely cost is going to span between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.