My fiancee and I are in the throws of looking at flats in Hanslope and I am about to put in an offer. Is it premature to have a solicitor in place? I am planning to take a home loan with Bank of Ireland.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are obtaining a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Hanslope bank branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Hanslope conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the property lawyer is on the mortgage company approved list, they must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I was told three weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Hanslope is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
My wife and I purchased a 4 bedroom Georgian house in Hanslope. Conveyancing solicitor acted for me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Norwich and Peterborough Building Society to clarify?
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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hanslope and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing solicitor who completed the work.
I am buying my first flat in Hanslope with the aid of help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not disclose to my conveyancer about the extras as it could affect my loan with Barnsley Building Society. Is this normal?.
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.
Are there any apps to help search for a Hanslope solicitor on the Coventry Building Society conveyancing panel? I have wheels and am prepared to travel upto 20miles to meet the conveyancer.
You can use the facility on this website. Please choose the lender and your location and you will see a number of Hanslope conveyancing lawyers located nearest you. We have detailed some Hanslope conveyancing firms at the bottom of this page and you can call them to see if they are on the Coventry Building Society member panel
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Hanslope. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Hanslope are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are buying in Hanslope so you should seriously consider looking for a Hanslope conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I own a 2 bed flat in Hanslope, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Hanslope with a long lease are worth £165,000. The ground rent is £50 yearly. The lease runs out on 21st October 2096
With only 77 years remaining on your lease the likely cost is going to span between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" 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 investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.