My wife and I are acquiring a newly built duplex in Patcham and my conveyancer is telling me that she is duty bound to the bank to reveal incentives from the developer. I am nearing the developer’s deadline to exchange contracts and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am considering applying for a Yorkshire BS mortgage for purchase of a new build (under development) in Patcham with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?
There is nothing to stop you using your solicitor, but Yorkshire BS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My wife and I are buying a flat in Patcham. I might seem paranoid but how we can trust a lawyer? On completion day we have to put our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My partner and I have organised a further advance on our mortgage from Santander as we wish to carry out renovations to our home in Patcham. Are we obliged to choose a high street Patcham solicitor on the Santander conveyancing panel to handle the paperwork?
Santander don't usually 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 Santander list.
I am currently in the process of buying my council flat in Patcham. I have a mortgage agreed with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
I know that there are debates on Chancel Insurance on online forums. Do I require this when acquiring a residence in Patcham? or Apparently there is a law dating back centuries that means some owners of property residing in a parish church boundary will be compelled to pay for maintenance to the chancel in proximity to the church. Is this suitable for conveyancing in Patcham?
Unless a prior purchase of the house took place post 12 October 2013 you could take it that solicitors handling conveyancing in Patcham to remain recommending a chancel search and or insurance against a claim.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Patcham I like with a park and railway links nearby, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Patcham suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I have recently realised that I have 72 years remaining on my flat in Patcham. I now want to get lease extension but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to track down the freeholder. On the whole a specialist should be useful to carry out a search and to produce a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Patcham.
I bought a garden flat in Patcham, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Patcham with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2088
With 62 years left to run we estimate the premium for your lease extension to span between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.