I am acquiring an apartment in Worthing. My property lawyer is not on the mortgage company approved list. Is it possible for me to use my Worthing conveyancing solicitor even though they are excluded from the lender panel?
You have numerous alternatives available to you here
- Carry on with your chosen Worthing lawyer but your lender will need to use a conveyancer on their conveyancing panel. This will result in additional cost and likely frustration.
- Appoint a new conveyancing practitioner to conduct the conveyancing, obviously checking they are on the lender conveyancing panel.
- Convince your property lawyer to pull out all the stops to get accepted on the lender’s panel of solicitors
Can you explain why leasehold purchase conveyancing in Worthing costs more?
Worthing leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Is there a list of Clydesdale panel conveyancers in Worthing on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association websites. Very few lenders make their panel listings visible over the internet. If you are in need of a Worthing property lawyer on the Clydesdale please use our tool.
I am expecting a DIP from Bank of Ireland this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Worthing solicitors on the Bank of Ireland conveyancing panel, or is it better to go independently?
You will need to appoint Worthing solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
I was told four weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Worthing is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am buying a new build house in Worthing benefiting from help to buy. The developers refused to budge the price so I negotiated £7000 of additionals instead. The property agent told me not inform my solicitor about the extras as it will adversely affect my loan with Norwich and Peterborough Building Society. Should I keep quiet?.
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've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a simple, no chain conveyancing. Worthing is where the house is located. Can you shed any light on this issue?
Flying freeholds in Worthing are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Worthing you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Worthing may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Having had my offer accepted I require leasehold conveyancing in Worthing. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Worthing - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a leasehold flat in Worthing, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Worthing with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2102
With only 77 years left to run the likely cost is going to range between £7,600 and £8,800 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.