Our Needham Market conveyancer has spotted an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer informs me that he is obliged to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We wanted to use a conveyancing solicitor in Needham Market for our house move. Our financial adviser informed us that our mortgage company Halifax won't deal with them. Surely this is unfair competition?
Mortgage Companies normally imposes restrictions either the category or the amount of conveyancing practices on their member panel. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. As well as restricting the profile of firm, a few banks have limited the amount of firms they allow to act for them. You should note that Halifax have no responsibility for the quality of advice provided by any member of Halifax Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there are differing opinions regarding the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that plenty of law firms, including some in or near Needham Market only conduct one or two conveyances per annum.
I am purchasing a new build house in Needham Market with a mortgage from National Westminster Bank. The developers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not disclose to my lawyer about the deal as it will affect my loan with the lender. Do I keep my lawyer in the dark?.
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 flat up to £245,000 and found one round the corner in Needham Market I like with open areas and transport links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Needham Market suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I work for a long established estate agency in Needham Market where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Needham Market conveyancing solicitors. Please can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a ground floor flat in Needham Market, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Needham Market with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2094
With just 75 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns 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 without first seeking the advice of a professional.