We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather instruct a Widnes based conveyancing firm?
Do check but the the likelihood is that allocate you one of their panel conveyancers where you take up the "fee-free" incentive. Contact the bank and explore if they make available a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Widnes.
I am purchasing a property in Widnes. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nationwide be concerned?
As your lender is Nationwide your lawyer must follow the formal instructions set out in Section two of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Nationwide where a lease fails to meet these conditions. The conditions relate to the installation of panels on properties countrywide and is not restricted to Widnes.
The mortgage over my property is with Leeds Building Society for my property in Widnes. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel firm.
At last I have had an offer on a flat in Widnes agreed to, the owners do nevertheless have a dependent purchase. The sellers have placed an offer on a flat, but it’s not been accepted yet, and have viewings of other flats in the pipeline. I have selected a high street conveyancing solicitor in Widnes. What should be my next step? At what stage do I apply for the mortgage with Santander?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then valuation, Widnes conveyancing search fees, etc). The first course of action is to ensure that your property lawyer is on the Santander approved list. As to the subsequent stages this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. In a rising market many buyers would apply for the mortgage with Santander and arrange for the valuation and only if it was satisfactory would they request their property lawyer to proceed with searches.
What does a local search tell me regarding the house I am buying in Widnes?
Widnes conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for example Searches UK The local search is essential in every Widnes conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should supply 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 thirteen subject areas.
My wife and I purchased a 4 bedroom Victorian property in Widnes. Conveyancing lawyer acted for me and TSB. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Widnes and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing solicitor who conducted the work.
I'm buying my first flat in Widnes with a loan from Nationwide Building Society. The builders would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not to tell my solicitor about the extras as it may affect my mortgage with the bank. Do I keep my lawyer in the dark?.
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 am tempted by the attractive purchase price for a couple of apartments in Widnes which have approximately forty five years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Widnes is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers 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 Widnes conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
I acquired a split level flat in Widnes, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Widnes with an extended lease are worth £206,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2091
With only 66 years left to run the likely cost is going to span between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.