I am need of leasehold conveyancing for an apartment in a fairly new development (6 years built) in East Yorkshire. Almost all the appartments are already occupied. Is it strictly necessary to order local searches as part of conveyancing in East Yorkshire?
A big part of the East Yorkshire conveyancing process is the conveyancing searches. There are hundreds companies conducting East Yorkshire conveyancing searches, as well direct from the local authority. These are generally termed personal search companies and they produce, not surprisingly, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must secure their information from the local authority.
I have been told by my conveyancer that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in East Yorkshire?
The appropriate level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Lloyds TSB Bank and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such policies.
Are all East Yorkshire Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
It is true that some lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a East Yorkshire lawyer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
Me and my brother purchased a terraced Georgian property in East Yorkshire. Conveyancing solicitor represented me and Clydesdale. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East Yorkshire and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with the conveyancing lawyer who conducted the purchase.
I'm purchasing my first flat in East Yorkshire with a loan from Birmingham Midshires. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The house builders rep suggested that I not inform my lawyer about this side-deal as it will affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I've recently bought a leasehold property in East Yorkshire. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in East Yorkshire - A selection of Queries before Purchasing
It would be wise to enquire if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in in a block in East Yorkshire. If you love the propertyin East Yorkshire but your dog is not allowed to live with you then you will be presented with a hard compromise. Please note that where the lease has fewer than 80 years it will have adverse implications on the marketability of the flat. Check with your lender that they are happy with residual term of the lease. A short lease means that you will probably need a lease extension sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you would need to own the residence for two years in order to be legally able to extend the lease. Are any of leasehold owners in arrears of their service charge payments?