The mortgage over my property is with Yorkshire BS for my property in Seven Kings. Conveyancing has been completed months ago. In the event that I decide to rent out my property 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?
Yorkshire BS must be informed of your intention before renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent 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. You need not do this via a Yorkshire BS conveyancing panel lawyer.
My offer was accepted on a house in Seven Kings on 21/12/2018, valuation was booked five days later, received a clean bill of health. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to RBS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the RBS conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for RBS to deal with your lawyer's application to be on the RBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Virgin Money have agreed my mortgage in principle, my bid on a house in Seven Kings has been accepted, what are the next steps?
Your estate agent will want to know who your solicitors are (make sure the conveyancers are on the bank’s approved list). Call up Virgin Money or your financial adviser and finalise any outstanding forms. Virgin Money will sellect a valuer who will get in contact with the selling agent or seller to book a time for the valuation to take place. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Virgin Money will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Seven Kings.
I am purchasing my first flat in Seven Kings with a loan from Clydesdale. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not disclose to my conveyancer about this extras as it will adversely 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 have been on the look out for a ground for flat up to £305k and identified one near me in Seven Kings I like with a park and station nearby, however it only has 51 years on the lease. There is not much else in Seven Kings for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage that many years may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Hoping to buy a property located in Seven Kings and I am already nervous. I couldn't find anything specific about Seven Kings. Conveyancing will be needed in due course but do you know about the Seven Kings area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Seven Kings. In the meantime here are some basic statistics that we found
Can a conveyancer remove a person from the title of my home in Seven Kings ?
Removing or adding someone to the title of your property is relatively straightforward. You’ll need to appoint a property lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancer