I have just over seventy years remaining on my lease and need a lease extension for my flat in Wadhurst. Conveyancing solicitors on the Chelsea Building Society 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. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 19/11/2021 the requirements read as follows :
My solicitor has informed me that missing deeds insurance is needed on my purchase. What is the level of cover for Wadhurst conveyancing?
The appropriate level of missing deeds indemnity insurance depends on your lender. It would differ for example between Santander and Chelsea Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
I am the only beneficiary of my late father’s estate and I have everything in my name alone, including the my former home in Wadhurst. The Wadhurst property was put into my name in October. I want to move. I understand that there is a CML six month 'rule', which means that my property ownership could be treated the same way as if I'd bought the house in October. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Some lenders would take a sensible view as this clause primarily exists to identify the purchase and immediately sell or the wholesaling and assigning of properties.
It is unclear whether my bank requires a lease extension. I have called my Wadhurst bank branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Wadhurst conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend based on their specific requirements. Who do I believe?
Your lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What does a local search tell me about the property we're buying in Wadhurst?
Wadhurst conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Xpress Legal The local search is essential in every Wadhurst conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search will reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I'm buying my first flat in Wadhurst with the aid of help to buy. The sellers refused to move on the price so I negotiated 6k of extras instead. The estate agent suggested that I not to tell my conveyancer about the extras as it would impact my loan 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.
I opted to have a survey done on a property in Wadhurst prior to retaining solicitors. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks will not issue a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wadhurst. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wadhurst to see if the conveyancing costs will increase in light of this.
Do online conveyancing organisations undertake everything a local Wadhurst solicitor does or do I still need to use a solicitor for the final stages for my conveyancing in Wadhurst?
If you instruct an online conveyancer they will undertake all the tasks your Wadhurst conveyancer will cover.