I am hoping to receive a mortgage offer from Lloyds. I would like to retain the legal services of a Licensed Conveyancer in Wennington. Does the Lloyds Conveyancing panel allow for Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
My solicitor has discovered a a legal deficiency with the lease for the property we are buying in Wennington. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the bank is happy with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender conditions must be adhered to.
My fiance and I are purchasing a newly converted apartment in Wennington with a residential mortgage from Yorkshire Building Society.We would like to retain our Wennington conveyancing practitioner but Yorkshire Building Society says her practice is not listed on their approved list of member firms. We have to appoint a Yorkshire Building Society panel firm or retain our high street solicitor and fork out for a Yorkshire Building Society panel lawyer to represent them. This seems very unfair; Can we not simply insist that Yorkshire Building Society use our lawyer?
Unfortunately,no. The home loan issued to you contains various provisions, a common one being that lawyers will be on the Yorkshire Building Society approved list. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Yorkshire Building Society
It has been five months following my purchase conveyancing in Wennington took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Wennington with a loan from Nottingham Building Society. The developers refused to move on the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not reveal to my solicitor about the side-deal as it will impact my mortgage with the lender. 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.
I own a leasehold flat in Wennington. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Wennington who previously acted has long since retired. Do I pay?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Wennington conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Wennington conveyancing firm to assist?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the amount due.
An example of a Lease Extension case for a Wennington property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The remaining number of years on the lease was 76 years.