I am about to complete buying a property in East Dean but as a result of damage from the recent storms I have was able negotiate reparation from the seller of £3k taking the form of a reduction in the price. This was going to be dealt with as part of amending the contract however Virgin Money will not permit this. Why were they approached?
Any conveyancing practitioner that is on a Virgin Money conveyancing panel is obliged to advise Virgin Money of any variations to the purchase price. If you were to refuse your conveyancing practitioner to disclose the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancer for your conveyancing in East Dean.
We expect to receive a AIP from Aldermore this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any East Dean solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint East Dean solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I currently have a mortgage with Virgin Money for my property in East Dean. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
The formalities of my remortgage has taken place for my property in East Dean. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
The deeds to my house are lost. The lawyers who dealt with the conveyancing in East Dean 10 years ago are no longer around. What do I do?
Gone are the days when you need to hold title original deeds to evidence that you are the registered proprietor of land or premises, as the Land Registry have everything they need in a digital format.
Due to the encouragement of my in-laws I had a survey completed on a property in East Dean ahead of instructing lawyers. I have been told that there is a flying freehold element to the property. My surveyor advised that some lenders may refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check with 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 East Dean. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in East Dean to see if the conveyancing costs will increase in light of this.
Are there frequently found deficiencies that you see in leases for East Dean properties?
There is nothing unique about leasehold conveyancing in East Dean. All leases are drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:
Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I acquired a split level flat in East Dean, conveyancing having been completed October 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in East Dean with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease runs out on 21st October 2076
With just 57 years left to run we estimate the premium for your lease extension to span between £26,600 and £30,800 as well as professional fees.
The suggested premium range that we have given is 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. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.