I was told recently by my estate agent that my Peterborough lawyer is not on the mortgage company Solicitor panel. What can I do to check?
The best course of action for you to take is to call your Peterborough lawyer directly. You lawyer should inform you what has happened. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
Last December we completed a house move in Peterborough. We have noticed several issues with the house which we believe were overlooked in the conveyancing searches. What action can we take? What searches should? have been conducted as part of conveyancing in Peterborough?
The question is not clear as to the nature of the problems and if they are relate to conveyancing in Peterborough. Conveyancing searches and investigations initiated as part of the legal transfer of property are carried out to help avoid problems. As part of the legal transfer of property, a seller answers a questionnaire called a SPIF. answers proves to be misleading, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Peterborough.
About to place an offer on a leasehold apartment in Peterborough. The selling agents assure me that it is normal for flats in Peterborough to have less than 75 years left on the lease. I am getting a mortgage with Nationwide Building Society. Is this going to be a problem if the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 3/2/2019 the requirements read as follows :
Report to the issuing office if the lease term is shorter than that stated on the offer and has less than 100 years remaining. (There is no requirement to report if the lease term is lower than that stated on the offer but still has 100 years or more to run, or if the lease term is longer than that stated on the offer).
NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term is less than 125 years on a new build flat or 250 years on a new build house (does not apply to Shared Ownership)
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
Due to the input of my in-laws I had a survey completed on a property in Peterborough before instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you e-mail us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Peterborough. Conveyancing will be smoother if you use a solicitor in Peterborough especially if they are acquainted with such properties in Peterborough.
We have been advised by various estate agents that it should take 6-8 weeks for Peterborough conveyancing to complete.This was a month ago. The draft contract was only forwarded to my property lawyer a few days ago so does the clock start running now?
There is no official countdown for conveyancing in Peterborough, or any area in the UK. You just have to make sure your finances are in order and wait for the rest to come together.