I am purchasing a new build apartment in Charmouth and my solicitor is advising me that she is duty bound to the mortgage company to disclose incentives from the seller. I am on a tight deadline to exchange and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Having invested time researching moneysavingexpert.com for a recommended solicitor in Charmouth, many comment that I must look for a CQS assured solicitor. What is CQS?
Charmouth Conveyancing Quality Scheme solicitors have been granted certification by the law Society CQS was established to promote high standards in the in the legal transfer of properties. CQS enables home movers to identify solicitor firms who provide a quality residential conveyancing. Charmouth is one of the many areas in England and Wales in which CQS are located. The conveyancing scheme obliges law firms to undergo a strict assessment, compulsory training, self-certification, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Legal Ombudsman.
I recently had an offer agreed on a house in Charmouth. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an on account payment of £200. A couple of days later, the conveyancer contacted me to say that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a maisonette in Charmouth. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Charmouth property lawyer is on the Yorkshire BS conveyancing panel.
Lloyds have agreed my home loan in principle, my bid on a house in Charmouth has been accepted, what happens next?
The property agent will want to be advised as to your property lawyer's details (be sure the solicitors are on the bank’s approved list). Call up Lloyds or your financial adviser and finish off any outstanding paperwork. Lloyds will instruct a valuer who will get in touch with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Lloyds will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Charmouth.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Charmouth I like with a park and station nearby, however it's only got 52 remaining years left on the lease. There is not much else in Charmouth suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Charmouth. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
The majority of houses in Charmouth are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Charmouth so you should seriously consider looking for a Charmouth conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I inherited a 1 bedroom flat in Charmouth, conveyancing having been completed 5 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Charmouth with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2091
With 72 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.