I happen to be the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Baglan. Conveyancing formalities meant that the Land Registry date was in August. I want to move. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership may be treated the same way as if I'd bought the house in August. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Some lenders would take a practical view as this clause is chiefly there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
I can not work out if my mortgage offer requires a lease extension. I have telephoned my Baglan building society branch on numerous occasions and was told they are content with the situation and they will lend. My Baglan conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their published requirements. I simply don't know who is right.
Provided that the property lawyer is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 remaining.
I have finally had an offer on a flat in Baglan agreed to, the vendors do however have a tied purchase. The owners have offered on a property, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have chosen a local conveyancing solicitor in Baglan. What do I do now? At what point do I apply for the mortgage with Nationwide?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Baglan conveyancing search costs, etc). The first course of action is to check that your solicitor is on the Nationwide conveyancing panel. Concerning the subsequent stages this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. During a buoyant market some home buyers will apply for a home loan with Nationwide and pay for the valuation and only if it comes back ok would they pay their lawyer to press on with the conveyancing in Baglan.
I'm buying a new build house in Baglan with a loan from Accord Mortgages Ltd. The builders refused to budge the price so I negotiated 6k of fixtures and fittings instead. The house builders rep told me not inform my conveyancer about this side-deal as it would jeopardize my loan 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.
Due to the advice of my in-laws I had a survey completed on a house in Baglan before instructing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some banks tend not give a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you contact us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Baglan. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use your search app to get a quote from a conveyancing practitioner in Baglan on the authorised to act for my mortgage?
First choose a lender such as Halifax, Coventry Building Society or Aldermore then specify your preferred area a common one being Baglan. Conveyancing organisations in Baglan and across England and Wales should be shown.
What makes a Baglan lease unmortgageable?
Leasehold conveyancing in Baglan is not unique. All leases are unique and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
A provision for the recovery of money spent for the benefit of another party. A provision to repair to or maintain elements of the premises
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I inherited a ground floor flat in Baglan, conveyancing was carried out in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Baglan with over 90 years remaining are worth £179,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2076
With only 57 years unexpired the likely cost is going to range between £26,600 and £30,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.