Our conveyancer has uncovered a defect with the lease for the apartment we are purchasing in Nuthall. The other side have offered title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the bank is happy with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. The appropriate lender conditions must be adhered to.
I am the only beneficiary of my late grandmother’s will and I have everything in my name now, including the house in Nuthall. The Nuthall property was put into my name in October. I want to move. I understand that there is a CML 6 month 'rule', which means that my property ownership will be considered the same way as though I had purchased the house in October. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges 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 caught by that. Most mortgage companies would take a sensible view as this clause primarily exists to capture subsales or the quick reselling of properties.
We have agreed to purchase a house in Nuthall. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
As your lender is HSBC your lawyer must follow the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for HSBC. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancers are required to report to HSBC where a lease does not comply with these conditions. The conditions relate to the installation of panels on properties countrywide and is not restricted to Nuthall.
The formalities of my remortgage has taken place for my property in Nuthall. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I am buying my first flat in Nuthall benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my lawyer about this side-deal as it may affect my mortgage 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.
I need to instruct a conveyancing solicitor for some conveyancing in Nuthall. I've chance upon a web site which appears to be the ideal answer If there is a chance to get all formalities done via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
We expect to complete our sale of a £375,000 maisonette in Nuthall next week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Nuthall?
Nuthall conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They may levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to sell the property.
I am the registered owner of a 1st floor flat in Nuthall, conveyancing formalities finalised in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Nuthall with an extended lease are worth £227,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2089
With 71 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.
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 in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.