My wife and I are hoping to buy a home in Biggleswade and have appointed a Biggleswade conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Norwich and Peterborough Building Society have this evening contacted us to inform me that they have now hit a problem as our Biggleswade lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Biggleswade solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am buying a house and require a conveyancing solicitor in Biggleswade who is on the Virgin Money solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Virgin Money in certain locations such as Biggleswade. We dont recommend any particular firm.
I'm purchasing a new build house in Biggleswade with a loan from Nationwide Building Society. The developers refused to budge the amount so I negotiated 6k of additionals instead. The property agent suggested that I not reveal to my conveyancer about the side-deal as it will put at risk 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.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Biggleswade I like with a park and transport links nearby, however it only has 61 years unexpired on the lease. There is not much else in Biggleswade for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
Jane (my partner) and I may need to rent out our Biggleswade 1st floor flat temporarily due to a new job. We instructed a Biggleswade conveyancing firm in 2004 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Biggleswade do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I bought a ground floor flat in Biggleswade, 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? Corresponding properties in Biggleswade with over 90 years remaining are worth £190,000. The ground rent is £65 yearly. The lease finishes on 21st October 2085
With just 61 years left to run we estimate the price of your lease extension to range between £19,000 and £22,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should 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. Please do not move forward placing reliance on this information without first getting professional advice.