I have just over seventy years unexpired on my lease and require a lease extension for my flat in Thornaby. Conveyancing solicitors on the Virgin panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/4/2024 the requirements read as follows :
When it comes to lenders such as Kent Reliance, do Thornaby property lawyers have to pay a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Two weeks ago we had a mortgage agreed in principle with Leeds Building Society. Thornaby conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
Some lenders take longer than others. Have Leeds Building Society completed the survey? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
About to purchase house in Thornaby. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Barclays conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Thornaby conveyancing practitioner is on the Barclays conveyancing panel.
My colleague advised me that where I am purchasing in Thornaby I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually quoted for as part of the standard Thornaby conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Thornaby around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Thornaby Education with plans and statistics, Local Amenities and other useful data concerning Thornaby.
I'm buying a new build house in Thornaby benefiting from help to buy. The developers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my conveyancer about this deal as it could impact my loan 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Thornaby is where the house is located. Can you offer any guidance?
Flying freeholds in Thornaby are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thornaby you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thornaby 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 residence.
I'm converting the mortgage on my primary home to a buy to let mortgage with Skipton Building Society and I will use the rest of the raised equity towards a second house. The area we are looking at is Thornaby. Will your lawyers be able to act for both sets of mortgage companies and link together the two deals?
Do use our comparison tool on this page to be sure that the solicitors are on the appropriate lender panels. On the basis that they are the conveyancer should be able to connect the two conveyancing matters but you should have a chat with you conveyancer and communicate your desired outcome and requirements.