Me and my husband are acquiring a leasehold flat in Shawbury. My Solicitor is not on the mortgage company solicitor panel. Can I still appoint my Shawbury conveyancing solicitor notwithstanding that they are excluded from the lender panel of approved conveyancing solicitors?
You must use a conveyancing practitioner to deal with the formalities when you require a mortgage to buy your property. The property lawyer will conduct all the essential due diligence on the property, ensuring that you will be registered as proprietor and ensure that all the required mortgage paperwork is in place. You may appoint a Shawbury lawyer of your choosing. Nevertheless, where the lawyer appointed is not a member of the bank approved list additional charges will arise as separate legal representation will be need by the lender. Lender panel applications can be submitted, so if your conveyancer has not in the past applied for membership they should do so.
I had intended to instruct a conveyancing solicitor in Shawbury for our house purchase. Our broker has since advised us that our bank Lloyds TSB Bank won't deal with them. Why is this not regarded as unduly restrictive?
A mortgage company can insist on an approved solicitor act for it. Borrowers are expected to meet the charges for this. Please make use of our tool to locate a solicitor to carry conveyancing in Shawbury on the Lloyds TSB Bank member panel.
Me and my brother have a 4 bedroom Georgian house in Shawbury. Conveyancing practitioner acted for me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold under the exact same address. Is it worth asking Norwich and Peterborough Building Society to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shawbury and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the work.
I am buying my first flat in Shawbury with the aid of help to buy. The sellers refused to budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my conveyancer about the deal as it will put at risk my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Should I be concerned that brokers that I am dealing with are recommending a web based conveyancing firm rather than a local Shawbury conveyancing firm?
As is the case with lots of service providers, often suggestions from relatives can be worth their weight in gold. Yet there are numerous players in a conveyancing matter; estate agents, financial adviser and mortgage companies may suggest conveyancers to retain. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there might be a commercial relationship behind the recommendation. You are at liberty to appoint your preferred conveyancer. However, bear in mind that the majority of lenders have an approved list of solicitors you have to use for the lender aspect of your home move.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Shawbury. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Shawbury are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Shawbury so you should seriously consider shopping around for a Shawbury conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will report to you on the legal implications.
I bought a ground floor flat in Shawbury, conveyancing was carried out September 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Shawbury with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2077
With 52 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.