Much to our surprise we have been informed by our mortgage broker that my Scotter solicitor is not on the lender Solicitor panel. What can I do to check?
You need to contact your Scotter conveyancer. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
We're in Scotter, First timers purchasing with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
It has been three months following my purchase conveyancing in Scotter took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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 asset 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 a new build house in Scotter with the aid of help to buy. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my solicitor about this deal as it would jeopardize my loan with the bank. 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.
What are the common defects that you come across in leases for Scotter properties?
There is nothing unique about leasehold conveyancing in Scotter. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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Insurance obligations Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I am the registered owner of a basement flat in Scotter, conveyancing was carried out June 1999. Can you work out an approximate cost of a lease extension? Equivalent properties in Scotter with an extended lease are worth £216,000. The ground rent is £50 per annum. The lease expires on 21st October 2095
With 69 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Finally, a mortgage offer from a lender for the remortgage of my 2 bedroom apartment is due by the end of next week. Can you recommend an efficient remortgage conveyancing law firm in Scotter ?
You have come to the wrong place to search for the lowest fares for conveyancing in Scotter. We can offer you value for money conveyancing but our intention is not to advertise as being the cheapest. Do not be fooled by companies offering £99 conveyancing in Scotter.In your best case scenario, in going for cheap conveyancing, you will get what you pay for and at worst you will end up paying a lot in extras and still not receive the service expected.