I am obtaining a offer of a home loan from Lloyds. I intend to enlist the help of a Licensed Conveyancer in Burton Bradstock. Does the Lloyds Solicitor panel allow for Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Why do I have to pay up front for my conveyancing in Burton Bradstock?
If you are buying a property in Burton Bradstock your lawyer will request that you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the purchase price then this will be needed immediately ahead of exchange of contracts. The final balance that is due should be transferred a few days ahead of the day of completion.
My property lawyer in Burton Bradstock has never been on on the Alliance & Leicester Approved Panel. Is it possible for me to use my prefered solicitor even though they are excluded from the Alliance & Leicester approved list?
Your options are as follows:
- Complete the purchase with your preferred Burton Bradstock lawyers but Alliance & Leicester will need to instruct a conveyancer on their panel. This will inevitably rack up the overall legal charges as well as result in delays.
- Get a new lawyer to act in the purchase, obviously checking they are Convince your lawyer to do everything within their powers to join the Alliance & Leicester conveyancing panel
Due to the encouragement of my in-laws I had a survey completed on a house in Burton Bradstock in advance of appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks may refuse to issue a mortgage on such a home.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Burton Bradstock. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking at a couple of maisonettes in Burton Bradstock which have about fifty years left on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area.
I inherited a split level flat in Burton Bradstock, conveyancing having been completed July 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Burton Bradstock with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease expires on 21st October 2082
With 58 years remaining on your lease we estimate the price of your lease extension to span between £21,900 and £25,200 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. 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 take any other action based on this information before seeking the advice of a professional.