I was told today by my mortgage broker that my Totteridge solicitor is not on the bank Conveyancing panel. How can I be certain if this is indeed the case?
The best course of action for you to take is to contact your Totteridge lawyer directly. You lawyer should inform you what has happened. Where they are not on the panel they may recommend you to a Totteridge conveyancing firm that is on the conveyancing panel for your lender.
The owners have rather brash sellers who has suggested a exclusivity agreement with a payment 10k. Is it wise to enter into such agreements?
Lock out contracts are agreements between a property vendor and purchaser giving the buyer the sole right to purchase the premises within a prescribed time frame. Essentially, an exclusivity agreement is a contract stating that you will receive a contract at a later date being the main conveyancing contract. It is generally utilised for buyer assurance though in many situations, the seller may stand to benefit from such agreements as well. There are many positives and negatives to using them but you need to check with your lawyer but note that it may result in costing you more in conveyancing charges. In light of these reasons these contracts are unusual in relation to conveyancing in Totteridge.
What does my ID and proof of funds have anything to do with my conveyancing in Totteridge? Is this really necessary?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Client Care letter that you need to sign will no doubt stipulate this. Your lender will also require certain documents to be viewed. Where you refuse to provide identification documents, your conveyancer would not be able to accept instructions from you.
I have Fifty Six years left on my lease and require a lease extension for my apartment in Totteridge. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/6/2023 the requirements read as follows :
- There must be at least 30 years remaining at the end of the mortgage term (regardless of the length of lease at the start).
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 55 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period is less than or equal to 5 years
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 55 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial, etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Issuing Office (Will be declined)
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house (does not apply to Shared Ownership)
- Any lease which is subject to a Ground Rent (or Annual Rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a Ground Rent (or Annual Rent) being charged which is more than on a peppercorn basis
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- A lease subject to a peppercorn Ground Rent (Annual Rent) charges
For the avoidance of doubt, any New Build properties completed but not sold pre-30 June 2022 will only be acceptable if the Lease conforms to the above guidance.
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years.
Lease Extensions
We require all Lease Extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to Issuing Office.
What is the difference between a licensed conveyancer and conveyancing solicitor in Totteridge
There are many recorded licenced Conveyancers in Totteridge and Solicitor partnerships in Totteridge to choose from It is important to make clear that both are regulated professionals specialising in the legal aspects of the home buying process. The two can conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I had an offer accepted on a house in Totteridge on 11/4/2023, valuation was booked 3 days later, received a clean bill of health. Conveyancer instructed, so all that was missing was my mortgage offer. Having made daily calls to Bank of Ireland and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Bank of Ireland conveyancing panel. Are Bank of Ireland entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
After what seems like an age I have had an offer on a maisonette in Totteridge agreed to, but there is a chain. The owners have offered on somewhere, however it’s not been accepted yet, and are looking at other flats in the pipeline. I have chosen a local conveyancing solicitor in Totteridge. What should be my next step? At what stage do I apply for the mortgage with RBS?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then valuation, Totteridge conveyancing search charges, etc). The first thing to do is check that your lawyer is on the RBS approved list. Regarding the subsequent stages this very much depends on the uniqueness of your case, motivation for the property and on the state of the market. During a rising market the majority of buyers will apply for the mortgage with RBS and arrange for the valuation and only if it comes back ok would they ask their property lawyer to proceed with searches.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who dealt with the conveyancing in Totteridge 10 years ago have long since closed. What are my next steps?
Gone are the days when you need to have the physical original deeds to evidence that you are the registered proprietor of land or property, given that the Land Registry have everything they need in a digital format.