I am considering mortgaging my flat in Strood, does my lawyer need to be on the Virgin Money Solicitor panel?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when buying a house in Strood?
Unless a previous acquisition of the property completed after 12 October 2013 you may take it that conveyancing practitioners handling conveyancing in Strood to remain encouraging a chancel search and or chancel repair liability policy.
I am purchasing a new build house in Strood with a loan from Barclays Direct. The builders would not reduce the price so I negotiated £7000 of extras instead. The estate agent told me not reveal to my solicitor about this deal as it may adversely affect my mortgage with the bank. 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Strood is the location of the property. Is there any advice you can give?
Flying freeholds in Strood are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Strood you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Strood may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Strood. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Strood are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Strood so you should seriously consider looking for a Strood conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
I invested in buying a studio flat in Strood, conveyancing was carried out in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Strood with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2075
You have 54 years left to run we estimate the premium for your lease extension to range between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Our solicitor in Strood has discovered a a legal deficiency with the lease for the flat we are purchasing in Strood. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Strood conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with by the bank conveyancing panel who has to balance acting for you and the bank