My fiance and I are hoping to buy a 3 bedroom apartment in Kings Heath with a homeloan from Yorkshire Building Society.We have a Kings Heath conveyancing practitioner but Yorkshire Building Society says his firm is not on their "panel". It seems we have little choice but to instruct a Yorkshire Building Society panel firm or retain our preferred solicitor and pay for a Yorkshire Building Society panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its various provisions, a common one being that solicitors needs to be on the Yorkshire Building Society approved list. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Yorkshire Building Society
I'm buying a new build house in Kings Heath with the aid of help to buy. The sellers refused to budge the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not inform my solicitor about the deal as it may jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a leasehold apartment up to £245,000 and identified one near me in Kings Heath I like with amenity areas and transport links nearby, however it's only got 61 years on the lease. I can't really find anything else in Kings Heath suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the shortness of the lease will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Am I right to be suspicious that 3rd parties that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Kings Heath conveyancing firm?
As is the case with lots of professional services, often suggestions from connections can be worth their weight in gold. But there are lots of players in a conveyancing matter; estate agents, mortgage brokers and banks might all recommend solicitors to select. On occasion these solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to select your preferred conveyancer. You need to be aware that most banks specify a panel list of conveyancers you must use for the mortgage related work in your house move.
I am on look out for some leasehold conveyancing in Kings Heath. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and almost all are in Kings Heath - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a garden flat in Kings Heath, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Kings Heath with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2085
You have 63 years remaining on your lease we estimate the premium for your lease extension to be between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.