I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Seaview. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 3/12/2024, the requirements read as follows :
I have a mortgage with Virgin Money for my property in Seaview. Conveyancing has been completed some time 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 Virgin Money?
Virgin Money must be informed of your intention in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money 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 Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel firm.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Seaview building society branch on various occasions and was informed it wasn't a problem and they will lend. My Seaview conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I have no idea who is right.
Your conveyancing practitioner has to follow the CML Handbook section two provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Our sealed bid on a property in Seaview has been accepted, but there is a chain. The sellers have put an offer on on an apartment, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Seaview. What should be my next step? At what stage do I apply for the mortgage with Bank of Ireland?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx £1k, then valuation, Seaview conveyancing search costs, etc). First, you must check that your conveyancer is on the Bank of Ireland approved list. As to the subsequent steps this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. In a buoyant market some purchasers will apply for a home loan with Bank of Ireland and arrange for the valuation and only if it comes back ok would they ask their solicitor to press on with the conveyancing in Seaview.
I'm buying my first flat in Seaview benefiting from help to buy. The builders would not move on the price so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my solicitor about the extras as it will adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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 need to instruct a conveyancing solicitor for purchase conveyancing in Seaview. I happened to land on a site which seems to have the ideal offering If there is a chance to get all formalities completed via email that would be ideal. Should I 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?
Jane (my partner) and I may need to sub-let our Seaview 1st floor flat temporarily due to a new job. We instructed a Seaview conveyancing firm in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Seaview do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I am the registered owner of a 2 bed flat in Seaview, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Seaview with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2089
With 65 years left to run we estimate the premium for your lease extension to span between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
Do online conveyancing organisations cover everything a high street Seaview solicitor does or must I retain a solicitor for the final stages for my conveyancing in Seaview?
Where you use an online conveyancer they should undertake all the tasks your Seaview solicitor would cover.