My flat in Bakewell is up for sale and I have a buyer. Does my lawyer need to be on the Aldermore conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.
I am being told by my lawyer that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Bakewell?
The appropriate level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Halifax and Virgin Money. Conveyancing practitioners as opposed to borrowers take out such policies.
When it comes to mortgage companies such as Clydesdale, do Bakewell conveyancers have to pay an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with Kent Reliance. I assume I don't need a Bakewell solicitor on the Kent Reliance panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
I'm purchasing a new build house in Bakewell with a mortgage from Britannia. The builders refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not to tell my conveyancer about this side-deal as it will affect my mortgage with the bank. 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.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Bakewell I like with open areas and station nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Bakewell suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
Looking forward to complete next month on a garden flat in Bakewell. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Bakewell should include some of the following:
You should have a good understanding of the insurance obligations You would want to be sent a copy of the lease Does the lease prohibit wood flooring? What the implications are if you are in breach of your lease terms? Responsibility for repairing the window frames
I am the registered owner of a basement flat in Bakewell, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Bakewell with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 levied per year. The lease comes to an end on 21st October 2079
With only 57 years left to run we estimate the price of your lease extension to be between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.