My fiance and I are looking to acquire a property in Tilehurst and have instructed a Tilehurst conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Ireland have this evening contacted us to inform me that they have now hit a problem as our Tilehurst solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Tilehurst solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My husband and I intend to remortgage our maisonette in Tilehurst with Leeds Building Society. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of concerns (1) Is this form unique to the Leeds Building Society conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Leeds Building Society. This is solely used to protect Leeds Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Leeds Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am buying a new build house in Tilehurst with a mortgage from Barclays Direct. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The sale representative advised me not to tell my solicitor about this extras as it will impact my mortgage with the bank. Is this normal?.
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.
As co-executor for the estate of my uncle I am selling a house in Monmouth but live in Tilehurst. My solicitor (approximately 260 kilometers from mehas requested that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in Tilehurst to attest and place their company stamp on the document?
strictly speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are based in Tilehurst
Last January I purchased a leasehold flat in Tilehurst. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a ground floor flat in Tilehurst, conveyancing was carried out October 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Tilehurst with an extended lease are worth £195,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2086
With 63 years remaining on your lease we estimate the price of your lease extension to span between £16,200 and £18,600 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
At last I have had an offer on an maisonette in Tilehurst accepted, the vendor does however have an associated purchase. The sellers have offered on a property, however it’s not yet tied up, and are looking at other properties booked. I have selected a nearby conveyancing solicitor in Tilehurst. What do I do now? When do I get the mortgage application with Co-operative going with Co-operative?
It is usual to have apprehensions where there is a chain given your reluctance to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Tilehurst conveyancing search charges, etc). First, you must check that your solicitor is on the Co-operative approved list. Regarding the next stages this very much dictated by the uniqueness of your transaction, desire for this property and on the state of the market. In a rising market many home buyers would apply for a home loan with Co-operative and pay for the valuation and only if it was satisfactory would they request their conveyancer to move forward with the conveyancing in Tilehurst.