My wife and I purchasing a victorian detached house in Lancashire. Our aim is to convert the garage to a playroom at the property.Will the conveyancing process include investigations to ascertain if these works are permitted?
Your solicitor will check the deeds as conveyancing in Lancashire can on occasion identify restrictions in the title deeds which prevent certain alterations or need the consent of another owner. Certain works require local authority planning permissions and approval in accordance building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be prudent to check these things with a surveyor before you commit yourself to a purchase.
I happen to be the sole beneficiary of my late grandmother’s will and I have everything in my name now, including the house in Lancashire. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship may be regarded the same way as though I had purchased the property in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view lenders take of it, depend on the bank as this obligation is principally there to capture subsales or the quick reselling of properties.
I currently have a mortgage with HSBC for my property in Lancashire. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
HSBC must be informed of your intention prior to renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC 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 am buying my first flat in Lancashire benefiting from help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not reveal to my lawyer about the deal as it could jeopardize my loan with the bank. Is this normal?.
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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Lancashire is where the house is located. Is there any advice you can give?
Flying freeholds in Lancashire are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lancashire you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lancashire 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 residence.
Are there frequently found problems that you encounter in leases for Lancashire properties?
There is nothing unique about leasehold conveyancing in Lancashire. All leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
A provision to repair to or maintain elements of the building A provision for the recovery of money spent for the benefit of another party.
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Skipton Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I own a ground floor flat in Lancashire, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Lancashire with a long lease are worth £181,000. The ground rent is £55 per annum. The lease ends on 21st October 2072
With just 51 years remaining on your lease the likely cost is going to span between £30,400 and £35,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
Is it the case that all Lancashire law firms on every lender conveyancing panel?
You can use our search tool or you can go into your high street bank branch in Lancashire. Chances are that they will be in a position to list some reputable conveyancing solicitors in Lancashire