In the event thatI were to buy a freehold homein Heath mortgage fee and dispense with a survey and no local authority searches how much could I expect to to save on my conveyancing in Heath?
The only reduction in fees you would make on is the Heath conveyancing searches. Your lawyer is obliged to do the vast majority of work - money laundering, liaising with your sellers property lawyer, stamp duty return, register the title etc. A marginal saving might be made by not needing to register a mortgage however it won't be significant.
We had instructed solicitors based in Heath on the Leeds Building Society solicitor panel. They have just invoiced me a supplemental fee for the legal aspects of the Leeds Building Society mortgage. Is this an additional conveyancing fee set by Leeds Building Society?
Provided it is contained in their Terms and Conditions or Quote then yes your lawyer is entitled to levy a fee for this. The charge is not set by Leeds Building Society but by your Heath conveyancer. Plenty of firms on the Leeds Building Society panel will quote an ‘acting for lender’ fee and others do not.
The mortgage over my property is with HSBC for my property in Heath. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
You must advise HSBC before renting your property as this is likely to be a breach of HSBC’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 HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel solicitor.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Heath bank branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Heath conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their specific requirements. I simply don't know who is right.
Provided that the property lawyer is on the bank panel, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
My wife and I are intent on selling our home in Heath and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the buyers instructed a nationwide conveyancing practice rather than a conveyancing solicitor in Heath. We have lived in Heath for many years we know that this is a non issue. Do we contact our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Heath is the location of the property. Can you shed any light on this issue?
Flying freeholds in Heath are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Heath you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Heath may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Can you provide any top tips for leasehold conveyancing in Heath from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Heath can be avoided where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers’ solicitors. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Heath state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord approving such alterations. If you dont have the paperwork to hand you should not contact the landlord without contacting your solicitor before hand. Some Heath leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. Many landlords or managing agents in Heath levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Heath.
I own a 1 bedroom flat in Heath, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Heath with over 90 years remaining are worth £176,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2100
With only 80 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.