I am getting a offer of a home loan from Halifax. My intention is to use a Licensed Conveyancer in Stoke Bishop. Does the Halifax Solicitor panel exclude Licensed Conveyancers?
The Halifax conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Due to move into my new home in Stoke Bishop next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Stoke Bishop.
I am buying my first flat in Stoke Bishop with a mortgage from Platform Home Loans Ltd. The developers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not to tell my solicitor about the deal as it would adversely affect my mortgage with Platform Home Loans Ltd. 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 on the look out for a ground for flat up to £305k and identified one near me in Stoke Bishop I like with a park and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Stoke Bishop in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Can you provide any advice for leasehold conveyancing in Stoke Bishop with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stoke Bishop can be bypassed if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives. If there is a history of any disputes with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled. If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Organising a re-issued share certificate is often a time consuming formality and delays many a Stoke Bishop conveyancing deal. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Stoke Bishop leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer in the first instance.
I invested in buying a basement flat in Stoke Bishop, conveyancing formalities finalised May 1995. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Stoke Bishop with a long lease are worth £227,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2094
With just 72 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
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. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
Is it true that a Stoke Bishop conveyancing firm taken to court by a client for not carrying out the appropriate conveyancing searches?
Our attention has not be brought to such a Stoke Bishop conveyancing matter but according to a recent report, clients buying a house elsewhere in England successfully sued their lawyer as a consequence of development plans to erect a wind farm not being picked up in conveyancing searches.
If you are thinking of buying a home in Stoke Bishop It is important that your property lawyer conduct all Stoke Bishop conveyancing searches needed making sure that you have accurate and current information before acquiring a property.