We are purchasing a 2 bedroom flat in Rickmansworth with a mortgage. We have a Rickmansworth solicitor, but the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or continue with our Rickmansworth solicitor as well as pay for one of their panel lawyers to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer 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. Another option that might be available is for your Rickmansworth conveyancing lawyer to apply to be on the conveyancing panel.
We are only a couple days away from an exchange on a flat in Rickmansworth and my parents have transferred the 10% deposit to my property lawyer. I am now informed that as the deposit has not come from me my property lawyer needs to make a notification 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 coming from anyone other than me. I advised the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your lawyer is legally required to check with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am buying my first flat in Rickmansworth with the aid of help to buy. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my solicitor about this deal as it could adversely affect my loan with Godiva Mortgages Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 £235,500 and identified one close by in Rickmansworth I like with open areas and station nearby, the downside is that it only has 49 years on the lease. I can't really find anything else in Rickmansworth in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
My husband and I are FTB’s - agreed a price, but the estate agent advised that the vendor will only issue a contract if we instruct their recommended solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a family conveyancer with experience of conveyancing in Rickmansworth
It is highly unlikely the vendors are behind this. Should the seller require ‘a quick sale', turning down a motivated buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you intend to use your own,trusted Rickmansworth conveyancing firm - rather thanthe ones that will give the negotiator at the agency a kickback or hit his conveyancing thresholds pre-set by head office.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Rickmansworth. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Rickmansworth are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Rickmansworth so you should seriously consider shopping around for a Rickmansworth conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Rickmansworth conveyancing firm to represent me?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Rickmansworth flat is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The remaining number of years on the lease was 71 years.