My fiance and I are hoping to buy a house in Yorkshire Dales and have appointed a Yorkshire Dales conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. HSBC Bank have this morning contacted us to advise us that they have now hit a problem as our Yorkshire Dales lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Yorkshire Dales solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I have given 8 weeks notice to my current landlord and have to vacate my let out property in Yorkshire Dales by the end of next month. Conveyancing on my purchase has just started. Is it possible to complete in a couple of weeks as I wish to avoid having to find short term accommodation?
The normal practice is not to serve notice on a rental until your lawyer suggests that you should. If you have not already done so, contact to your conveyancer and urge them to they apply pressure on the owners side, try to an acceptable time-line that everyone will work towards
I'm purchasing my first flat in Yorkshire Dales with the aid of help to buy. The builders refused to budge the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not to tell my lawyer about this side-deal as it could impact my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
My husband and I are first time buyers - had an offer accepted, but the estate agent informed us that the seller will only go ahead if we instruct their chosen lawyers as they are insisting on a ‘quick sale’. We would rather use a local solicitor accustomed to conveyancing in Yorkshire Dales
It is unlikely the owners are behind this. If they desire ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you intend to instruct your preferred Yorkshire Dales conveyancing solicitors - rather thanthe ones that will provide the estate agent a introducer fee or achieve conveyancing targets set by HQ.
I am attracted to a couple of flats in Yorkshire Dales both have about 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold apartment in Yorkshire Dales is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Yorkshire Dales 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 acquired a leasehold flat in Yorkshire Dales, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Yorkshire Dales with a long lease are worth £195,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2081
With just 63 years remaining on your lease we estimate the price of your lease extension to be between £16,200 and £18,600 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.