It has come to my attention via my lender that my Sandown lawyer is not on the bank Solicitor panel. What can I do to be sure if this is correct?
The first thing you need to do is to contact your Sandown conveyancer. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they may be able to suggest a Sandown conveyancing practice that is on the approved list of lawyers for your mortgage company.
Having sold my house in Sandown last January but the buyer keeps Skype messaging every few hours to say her lawyer needs to hear from mysolicitor. What are the post completion sale legalities following completion?
After completion of your house sale your solicitor should forward the transfer deeds and all supplemental paperwork to the buyer’s lawyers. If applicable, your solicitor must also confirm that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There are no post completion tasks specific conveyancing in Sandown.
4 months have gone by following my purchase conveyancing in Sandown concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Sandown with a loan from TSB. The builders would not budge the amount so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my conveyancer about this extras as it may affect my mortgage with the bank. 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 have been advised by a few selling agents in Sandown to find a conveyancer on your site. Is there a financial incentive for Estate Agents to offer your services over a competitor’s?
We refuse to give any commission for directing people in our direction. We found it would be just too difficult a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I would like to sublet my leasehold flat in Sandown. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Sandown do not contain strict prohibition on subletting – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I invested in buying a 2 bed flat in Sandown, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Sandown with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2097
With just 75 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.