We were just about to sign contracts for a property in Repton. We have hit a snag. Our loan offer with Yorkshire Building Society expires on 23/3/2022 but the owners are putting forward a completion date of 25/3/2022. Can one prolong the mortgage expiry date?
The best person to deal with your question is your conveyancer who should assess whether they better off negotiating with the bank, owner’s conveyancers, estate agents or possibly all three taking into account what has happend in your conveyancing to date.
We are getting a further advance on our home loan from Yorkshire BS as we want to conduct renovations to our property in Repton. Do we need to appoint a local Repton solicitor on the Yorkshire BS conveyancing panel to deal with the paperwork?
Yorkshire BS don't usually instruct firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS conveyancing panel.
I am buying a property in Repton. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Co-operative be concerned?
As you are obtaining a mortgage with Co-operative your lawyer must comply with the formal requirements set out in Section two of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Co-operative where a lease fails to comply with these specifications. The specifications relate to the installation of panels on properties countrywide and is not isolated to Repton.
The mortgage over my property is with Co-operative for my property in Repton. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel lawyer.
I used Wolstenholmes a few years past for my conveyancing in Repton. Now, I need my files but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Repton of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Repton is where the house is located. What do you suggest?
Flying freeholds in Repton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Repton you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Repton 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 residence.
Can you offer any advice when it comes to choosing a Repton conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Repton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Repton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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What are the legal fees for lease extension work?
I bought a garden flat in Repton, conveyancing was carried out half a dozen years ago. 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? Equivalent properties in Repton with over 90 years remaining are worth £211,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2090
With 68 years unexpired the likely cost is going to span between £9,500 and £11,000 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 extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
We have selected a Repton conveyancing solicitor for our house purchase (first time buyers) and have picked up in the Ts and Cs that they are not regulated by the Financial Conduct Authority. Need I be concerned or is that the norm with conveyancing practitioner?
We can't see why they should be. Most solicitor don't lend money. You should check that they are regulated by the SRA, who dictate specific rules in place on monies held in their bank.