Are all Westbury On Trym Conveyancing Quality Solicitors on the Aldermore conveyancing list of approved firms?
A selection of banks and building societies now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
We have agreed to purchase a house in Westbury On Trym. A rare aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Lloyds your lawyer must check the formal requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Lloyds where a lease does not meet these conditions. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Westbury On Trym.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Westbury On Trym bank branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Westbury On Trym conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the bank panel, she or he must adhere to the CML Handbook conditions for the 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
2 months have elapsed following my purchase conveyancing in Westbury On Trym took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Westbury On Trym with a mortgage from Britannia. The developers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not reveal to my solicitor about the deal as it may put at risk my loan with Britannia. 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 at a two maisonettes in Westbury On Trym both have about fifty years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Westbury On Trym is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Westbury On Trym conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a ground floor flat in Westbury On Trym, conveyancing formalities finalised May 2003. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Westbury On Trym with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2073
With only 55 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
For various reasons I am unable to attend my Westbury On Trym conveyancing lawyers office to execute documents for conveyancing in Westbury On Trym – will this be an issue?
You need not be concerned. Westbury On Trym conveyancing lawyers can deal with home moves for clients nationally. It is not necessary for you to be able to meet your lawyer in the flesh at a Westbury On Trym conveyancers office. They can deal with everything via phone, post and email - whatever works for you.