My financial adviser has requested my Totterdown lawyer’ panel member for the Santander conveyancing panel. Can you suggest how I find this out. I have contacted my local Totterdown branch but they don't know it.
The sensible thing to do is ask for this information from your Totterdown lawyer . They retain a central record lender panel numbers.
Our lawyer has identified a defect with the lease for the apartment we are purchasing in Totterdown. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the bank is content with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
I have justbecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Totterdown for a purchase of a freehold house 12 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The easiest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Totterdown conveyancing specialists.
I am purchasing a new build house in Totterdown benefiting from help to buy. The sellers refused to move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not to tell my solicitor about this deal as it could adversely affect my mortgage with the lender. Should I keep quiet?.
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.
I decided to have a survey done on a property in Totterdown before retaining lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some lenders tend not give a loan on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Totterdown. Conveyancing will be smoother if you use a solicitor in Totterdown especially if they regularly deal with such properties in Totterdown.
I am attracted to a two maisonettes in Totterdown both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Totterdown is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Totterdown conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Totterdown Leasehold Conveyancing - Examples of Queries before buying
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Are there any major works in the planning that will increase the maintenance charges? It is important to be aware whether fixing the lift or some other major work is due in the foreseeable future that will be shared by the tenants and will materially impact the level of the maintenance costs or result in a specific invoice. Many Totterdown leasehold apartments will have a service charge for maintenance of the building levied by the management company. If you purchase the apartment you will have to pay this charge, usually in instalments throughout the year. This can vary from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent to be met yearly, this is usually not a significant sum, say around £50-£100 but you need to enquire it because sometimes it can be prohibitively expensive.