My wife and I are buying a 1 bedroom flat in Priorslee with a mortgage. We have a Priorslee solicitor, however the bank advise she’s not on their "panel". It seems we have little choice but to instruct one of the bank panel solicitors or keep our Priorslee conveyancing practitioner as well as pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, 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. A further alternative is for your Priorslee conveyancing solicitor to apply to be on the conveyancing panel.
My husband and I are approaching an exchange on a house in Priorslee and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The property lawyer is legally required to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
I am purchasing my first flat in Priorslee benefiting from help to buy. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my lawyer about the deal as it could adversely affect my mortgage with Santander. 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 flat up to £305k and found one close by in Priorslee I like with a park and transport links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Priorslee for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I need to retain a conveyancing solicitor for residential conveyancing in Priorslee. I have stumble across a web site which seems to have the ideal solution If it is possible to get all this stuff done via phone that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Planning to sign contracts shortly on a leasehold property in Priorslee. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Priorslee should include some of the following:
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Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? The physical extent of the premises. This might be the apartment itself but may incorporate a attic or cellar if applicable. Whether the lease restricts you from subletting the flat, or working from home Setting out your rights in respect of common areas in the block.E.G., does the lease provide for a right of way over a path or hallways? You should have a good understanding of the insurance requirements
Priorslee Leasehold Conveyancing - Sample of Questions you should ask Prior to Purchasing
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Is anyone aware of any major works in the planning that could add a premium to the maintenance charges? Are any of leasehold owners in dispute over their service charge liability? It would be sensible to find out if there are any onerous restrictions in the lease. By way of example it is fairly common in Priorslee leases that pets are not permitted in in a block in Priorslee. If you love the apartmentin Priorslee yet your dog is not allowed to make the move with you then you will be presented with a hard decision.