I happen to be the only recipient of my late father’s estate with all property in now in my sole name, including the house in Yarm. The Yarm property was put into my name in August. I plan to dispose of the house. I do know about the CML 6 month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the house in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How sensible a view lenders take of it, depend on the lender as this clause is principally there to pick up on the purchase and immediately sell or the flipping of properties.
We are getting a further advance on our mortgage from Coventry BS as we wish to carry out improvements to our home in Yarm. Are we obliged to choose a high street Yarm solicitor on the Coventry BS conveyancing panel to handle the paperwork?
Coventry BS do not ordinarily instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS list.
Nationwide have agreed my home loan in principle, my offer on a property in Yarm has been accepted, what happens next?
The estate agent will need to be informed of your solicitor's details (make sure the solicitors are on the bank’s panel). Contact Nationwide or the financial adviser and complete any relevant paperwork. Nationwide will sellect a valuer who will get in touch with the estate agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Nationwide will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Yarm.
My colleague advised me that where I am buying in Yarm I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Yarm conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Yarm around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Yarm Education with maps and statistics, Local Amenities and other useful information about Yarm.
I am buying my first flat in Yarm with a mortgage from National Westminster Bank. The builders refused to budge the price so I negotiated 6k of additionals instead. The sale representative advised me not to tell my solicitor about the side-deal as it could put at risk my loan with the lender. 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've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, no chain conveyancing. Yarm is the location of the property. Is there any guidance you can impart?
Flying freeholds in Yarm are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Yarm you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yarm may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Back In 2002, I bought a leasehold house in Yarm. Conveyancing and Clydesdale mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Yarm who previously acted has now retired. Do I pay?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Yarm conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a 1st floor flat in Yarm, conveyancing formalities finalised in 1996. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Yarm with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2092
With 72 years unexpired the likely cost is going to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do 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. Neither should you move forward based on this information before seeking the advice of a professional.