I am purchasing a ground floor flat in Bures. My Solicitor is not on the lender conveyancing panel. Is it possible for me to continue with my Bures conveyancing solicitor even though they are excluded from the mortgage company panel?
You must appoint a solicitor to deal with the formalities if you require a mortgage to buy your home. The lawyer will conduct all the essential legal checks on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage documentation is in order. You may appoint a Bures solicitor of your choosing. However, if the property lawyer selected is not a member of the bank conveyancing panel supplemental charges will arise as separate legal representation will be need by the mortgage company. Lender panel applications can be submitted, so provided your lawyer has not in the past sought membership they should do so.
Me and my partner are purchasing a house in Bures. It might be a silly question but how we can trust a solicitor? At some point we will need to send money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I had a mortgage agreed in principle with Leeds Building Society. Bures conveyancing solicitors were chosen. How long does it take for Leeds Building Society to forward the offer to the property lawyer?
Some lenders take longer than others. Have Leeds Building Society done the valuation? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
HSBC have agreed my home loan in principle, my bid on a house in Bures has been accepted, what happens next?
The estate agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s approved list). Telephone HSBC or the financial adviser and finalise any outstanding documentation. HSBC will appoint a valuer who will get in contact with the selling agent or seller to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a week to receive the mortgage offer. HSBC will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bures.
I'm purchasing my first flat in Bures with the aid of help to buy. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not disclose to my conveyancer about this side-deal as it will adversely affect my loan with the bank. 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.
My step-father has recommend that I instruct his lawyers for conveyancing in Bures. Should I use them?
No doubt the best way to select a conveyancing lawyer is to have feedback from friends or relatives who have actually experience in using the firm that you are considering.
I work for a reputable estate agent office in Bures where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Bures conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a 2 bed flat in Bures, conveyancing having been completed 6 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Bures with an extended lease are worth £191,000. The ground rent is £55 charged once a year. The lease runs out on 21st October 2072
With only 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.