My husband and I are only a couple days away from an exchange on a flat in Royal Tunbridge Wells and my mum and dad have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has not come from me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your property lawyer is duty bound to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
I am in the process of remortgaging my apartment in Royal Tunbridge Wells, does my lawyer have to be on the TSB Solicitor panel?
In theory, you could use a solicitor that is not on the TSB conveyancing panel, but TSB would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Royal Tunbridge Wells bank branch on numerous occasions and was informed it wasn't a problem and they will lend. My Royal Tunbridge Wells conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The solicitor has to follow the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Coventry BS are being difficult. The Royal Tunbridge Wells solicitor who is on the Coventry BS conveyancing panel is recommending indemnity insurance as a solution but Coventry BS are insisting on a building regulation certificate. Why do Coventry BS have a conveyancing panel if they don't accept advice from them?
It is probably the case that Coventry BS have referred the matter to their valuer. The reason why Coventry BS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Coventry BS have agreed my mortgage in principle, my offer on a apartment in Royal Tunbridge Wells has been agreed to, what are the next steps?
Your property agent will wish to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s panel). Telephone Coventry BS or the financial adviser and complete any outstanding documentation. Coventry BS will sellect a valuer who will get in touch with the selling agent or vendor to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Coventry BS will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Royal Tunbridge Wells.
Due to the guidance of my in-laws I had a survey completed on a house in Royal Tunbridge Wells ahead of retaining lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies may refuse to grant a loan on such a premises.
It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Royal Tunbridge Wells. Conveyancing will be smoother if you use a solicitor in Royal Tunbridge Wells especially if they are acquainted with such properties in Royal Tunbridge Wells.
Estate agents have just been given the go-ahead to market my garden apartment in Royal Tunbridge Wells. Conveyancing has not commenced, but I have recently received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
It best that you clear the invoice as normal because all ground rent and maintenance payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a 1st floor flat in Royal Tunbridge Wells, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Royal Tunbridge Wells with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease ceases on 21st October 2095
With only 77 years left to run the likely cost is going to range between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.