I'm the single beneficiary of my late mum's will and I have everything in my name now, including the my former home in Cranfield. Conveyancing formalities meant that the Land Registry date was in April. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the property in April. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Some mortgage companies would take a sensible view as this provision chiefly exists to identify the purchase and immediately sell or the wholesaling and assigning of properties.
We have a mortgage agreed in principle with Virgin Money. Cranfield conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
Some lenders take longer than others. Have Virgin Money conducted the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Skipton have agreed my mortgage in principle, my bid on a property in Cranfield has been accepted, what happens next?
Your estate agent will want to be advised as to your conveyancing practitioner's details (make sure the property lawyers are on the bank’s approved list). Contact Skipton or your financial adviser and complete any appropriate documentation. Skipton will appoint a valuer who will get in touch with the estate agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about ten days to receive the mortgage offer. Skipton will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Cranfield.
I'm purchasing my first flat in Cranfield benefiting from help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not reveal to my conveyancer about this deal as it could affect my mortgage with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
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.
Given that I will soon spend over three hundred thousand on 3 bedroom house in Cranfield I would like to talk to a lawyer about mytransaction prior to appointing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you speaking to the solicitor who will be conducting your conveyancing in Cranfield.There is no ‘factory style conveyancing’ - every client is unique person, not a matter number. The solicitors that we put you in touch with believe that the fees you are quoted for your conveyancing in Cranfield should be the figure that you end up paying.
My husband and I are novice buyers - had an offer accepted, but the property agent has warned us that the vendor will only go ahead if we use the agent's chosen lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a local conveyancer with experience of conveyancing in Cranfield
It is improbable the sellers are driving this. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Bypass the agents and go straight to the sellers and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to use your own,trusted Cranfield conveyancing lawyers - as opposed tothe ones that will provide the negotiator at the agency a kickback or meet his conveyancing targets set by senior management.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Cranfield. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Cranfield are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Cranfield so you should seriously consider looking for a Cranfield conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.
I bought a studio flat in Cranfield, conveyancing was carried out 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Cranfield with a long lease are worth £179,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2078
With just 57 years remaining on your lease we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.