Unfortunately I am unable to travel far from Warkworth. What is the rationale as to why all Warkworth conveyancers aren't automatically on all mortgage company panels?
As inequitable as it may appear for mortgage companies to limit who can represent them, from the public’s or solicitor’s viewpoint, the flip side is that lending institutions are increasingly anxious and feel it essential to shield themselves from mortgage fraud. As a consequence of this concern banks are limiting their panel of approved conveyancing lawyers to a manageable size.
My wife and I intend to remortgage our penthouse in Warkworth with Nottingham. We have a son 19 who lives with us. Our solicitor has asked us to disclose 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, giving up any rights in the event that the apartment is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Nottingham conveyancing panel as he never had to sign this form when we purchased 5 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Nottingham conveyancing panel solicitor is doing the right thing 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 Nottingham. This is solely used to protect Nottingham 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 Nottingham 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'm purchasing my first flat in Warkworth with a loan from Clydesdale. The sellers would not reduce the price so I negotiated 6k of additionals instead. The property agent told me not reveal to my solicitor about this side-deal as it will affect my loan with Clydesdale. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 grandfather I am disposing of a property in Newport but live in Warkworth. My lawyer (who is 235 kilometers awayrequires that I sign a statutory declaration prior to completion. Can you recommend a conveyancing lawyer in Warkworth who can attest this legal document for me?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Warkworth based
What are your top tips when it comes to choosing a Warkworth conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Warkworth conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Warkworth conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What are the charges for lease extension conveyancing?
I bought a ground floor flat in Warkworth, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Warkworth with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2093
You have 68 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
I have just placed an offer on a leasehold flat in Warkworth and the broker that we are using recommended his conveyancing practitioner. He quoted a thousand pounds including VAT and 3rd party costs. Does this sound reasonable?
Don't just go on one estimate. You should seek like-for-like quotes for your conveyancing in Warkworth. Then choose one that you trust and just as important, is on the approved panel of the mortgage company that you are sourcing your mortgage from.