In the event thatI were to buy a straightforward housein Preston mortgage fee and dispense with a survey and no local authority searches how much could I expect to to save on my conveyancing in Preston?
The sole saving you would achieve is the Preston conveyancing searches. Your conveyancer is required to do the vast majority of work - money laundering, liaising with your sellers conveyancer, SDLT return, register the property etc. A marginal saving might be made by not needing to register a charge but it will not be a lot.
I own a freehold property in Preston but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Preston and has limited impact for conveyancing in Preston but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My home in Preston is up for sale and I have accepted an offer. Does the property lawyer need to be required to be on the Kent Reliance conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
I have recentlydiscovered that Arc property Solicitors have closed. They carried out my conveyancing in Preston for a purchase of a leasehold apartment 10 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The quickest method to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Preston conveyancing specialists.
I'm purchasing a new build house in Preston with the aid of help to buy. The developers would not reduce the price so I negotiated 6k of extras instead. The property agent suggested that I not inform my lawyer about the deal as it will jeopardize my mortgage with Godiva Mortgages Ltd. Is this normal?.
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.
I am looking for a leasehold apartment up to £305k and found one close by in Preston I like with a park and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Preston in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.