We are planning to acquire a flat and need a conveyancing solicitor in Belgravia who is on the Yorkshire BS approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Yorkshire BS . We don't recommend any particular firms conducting conveyancing in Belgravia.
We decided to purchase a 1 bedroom flat in Belgravia with a loan from Birmingham Midshires.We have a Belgravia conveyancing practitioner but Birmingham Midshires advised that he's not listed on their approved list of firms. we are left little option but to use a Birmingham Midshires panel solicitor or keep our high street solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its terms and conditions, one of which will be that lawyers must be on the Birmingham Midshires approved list. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose 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 solicitors to apply to be on the conveyancing panel for Birmingham Midshires
I'm purchasing my first flat in Belgravia with a mortgage from Halifax. The developers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not disclose to my lawyer about the extras as it would jeopardize my loan 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.
Due to the input of my in-laws I had a survey completed on a property in Belgravia in advance of retaining lawyers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some mortgage companies may not grant a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Belgravia. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold flat in Belgravia. Conveyancing was finished in 2010. I have read on various advice forums that I mustn’t allow the lease length fall too low. What is the reasoning?
Belgravia residential long term leases are for a set period - usually 99 years when they started. However many flats in Belgravia were built or converted 35 or more years ago and so these leases now have fewer than 80 years left to run. That may seem like plenty of time however Banks, Building Societies and other mortgage lenders on the whole require leases to have at least seventy five years unexpired to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching seventy five years. To increase your property value you should be considering whether or not to extend your lease well in advance of selling the property. Please note that there are advantages to doing so before the lease reaches even 80 years as when the lease is less than eighty years the premium to be paid to extend starts to get a lot more expensive.