My mortgage broker says he needs my Sherwood lawyer’ panel reference for the Lloyds conveyancing panel. How do I obtain this. I have contacted my local Sherwood branch but they have not responded to me.
The sensible thing to do is ask for this information from your Sherwood conveyancing practitioner . They should have a central record lender panel numbers.
I'm buying my first flat in Sherwood with the aid of help to buy. The builders would not move on the amount so I negotiated £7000 of additionals instead. The estate agent told me not inform my solicitor about this side-deal as it will impact my mortgage with the lender. 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.
I am looking for a ground for flat up to £195,000 and identified one close by in Sherwood I like with open areas and railway links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Sherwood for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Do I need to be concerned about estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local Sherwood conveyancing company?
As with many professional services, often suggestions from connections can be most helpful. Yet there are lots of people with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks may suggest conveyancers to appoint. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You are free to choose your own conveyancer. However, bear in mind that the majority of lenders specify a panel list of lawyers you are obliged to use for the mortgage aspect of your home move.
I need to retain a conveyancing solicitor for residential conveyancing in Sherwood. I've stumble upon a site which looks to be the ideal solution If it is possible to get all this stuff done via email that would be ideal. Should I be concerned? 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?
I am a negotiator for a busy estate agency in Sherwood where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received conflicting advice from local Sherwood conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Sherwood Leasehold Conveyancing - A selection of Queries Prior to buying
-
It is important to be aware whether fixing the lift or some other significant cost is coming up that will be shared by the leasehold owners and may well materially increase the the service fees or result in a one off invoice. This question is useful as a) areas could cause problems for the building as the common areas may start to deteriorate where maintenance are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to know about it On the whole the cost for major works are not included within maintenance charges, although a few managing agents in Sherwood obliged leaseholders to contribute towards a sinking fund and this is used to offset against major works.