I can't travel far from Fakenham. Is there a reason why all Fakenham property lawyers are not on all lender panels?
As inequitable as it may appear for mortgage companies to limit who can represent them, from the public’s or solicitor’s viewpoint, the the contrary view is that banks are becoming ever more anxious and feel it imperative to protect them against mortgage fraud. As a consequence of this concern lenders have restricted their panel of approved conveyancing lawyers to a size that they are happy to control.
My aunt passed away last year and as sole heir and executor I was left the house in Fakenham. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then RBS will require that you use a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
I am the single beneficiary of my late mum's will with all property in now in my sole name, including the house in Fakenham. The Fakenham property was put into my name in November. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the house in November. 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." Technically you could be impacted by that. many mortgage companies would take a practical view as this clause primarily exists to capture subsales or the flipping of properties.
We have agreed to purchase a house in Fakenham. A rare aspect is that the roof has a solar panel. Clydesdale have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Clydesdale your lawyer must check the formal requirements outlined in Part two of UK Finance Lenders’ Handbook for Clydesdale. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and solicitors are required to report to Clydesdale where a lease fails to comply with these provisions. The specifications relate to the installation of panels on properties countrywide and is not restricted to Fakenham.
My wife and I are at the point of viewing flats in Fakenham and I am about to put in an offer. Is it best to have a solicitor on ‘stand by’? I am planning to take a mortgage with Nottingham.
It would be wise to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. Given that you are getting a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
My business partner and I are wishing to take an assignment of a lease of an office on a shopping parade. Can you recommend lawyers offering no-move-no costs for non-domestic conveyancing in Fakenham for below £1,200?
We can recommend firms who have well rounded knowledge of commercial conveyancing in Fakenham, including the sale and purchase of businesses as well as simply property. Whether you are intending to acquire or lease a shop, pub, restaurant, office, retail unit or a whole business we can find you the right firm. Regarding the costs this will depend on the structure and heads of terms of the proposed transaction. Please provide us with your contact information or email us so that we can furnish you with a detailed commercial conveyancing quote.
My husband and I may need to sub-let our Fakenham 1st floor flat for a while due to a new job. We used a Fakenham conveyancing practice in 2002 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?
Your lease dictates the relationship between the freeholder and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Fakenham do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
I inherited a studio flat in Fakenham, conveyancing was carried out in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Fakenham with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2082
With 64 years unexpired we estimate the price of your lease extension to range between £14,300 and £16,400 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.