I'm the sole recipient of my late father’s estate and I have everything in my name alone, including the my former home in Maidstone. The Maidstone property was put into my name in March. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership will be considered the same way as though I had purchased the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How sensible a view lenders take of it, depend on the mortgage company as this requirement principally exists to identify subsales or the flipping of properties.
The mortgage over my property is with Yorkshire BS for my property in Maidstone. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Yorkshire BS’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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel lawyer.
I have finally had an offer on an apartment in Maidstone agreed to, the owners do nevertheless have a dependent purchase. The vendors have put an offer on a property, but it’s not yet tied up, and are looking at other apartments in the pipeline. I have chosen a nearby conveyancing solicitor in Maidstone. What do I do now? When do I get the mortgage application with Skipton going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then valuation, Maidstone conveyancing search charges, etc). First, you must check that your lawyer is on the Skipton approved list. As to the next stages this very much depends on the circumstances of your case, desire for this property and on the state of the market. During a buoyant market some purchasers will apply for the mortgage with Skipton and arrange for the valuation and only if it comes back ok would they ask their conveyancer to move forward with the conveyancing in Maidstone.
We are purchasing a house and the lawyer has raised the issue of Chancel Repair to which the house may be obligated to pay as it falls into the area of such a church. She has mentioned insurance. Is this strictly appropriate for conveyancing in Maidstone
Unless a prior acquisition of the property completed after 12 October 2013 you could assume that solicitors conducting conveyancing in Maidstone to continue to propose a a chancel search and or chancel repair liability insurance.
three months have gone by following my purchase conveyancing in Maidstone concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £195,000 and identified one close by in Maidstone I like with a park and transport links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Maidstone in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
How do I identify a Maidstone law firm on the Barclays Direct conveyancing panel? I am a keen cyclist and am prepared to travel upto 25miles to meet the solicitor.
You can use the search on this website. Please pick a bank and your location and you will see a number of Maidstone conveyancing lawyers located nearest you. We have detailed some Maidstone conveyancing firms at the bottom of this page and you can ring them to see if they are on the Barclays Direct member panel