My husband and I are intent on acquiring residence in Flint. My property lawyer has never been on on the lender conveyancing list. Am I still permitted to continue with my Flint conveyancing solicitor notwithstanding that they are not on the bank panel of approved conveyancing solicitors?
One will need to use a property lawyer to complete the legal work required if you take out a mortgage to buy your home. They will conduct all the appropriate due diligence on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage documentation is in place. One may appoint a Flint conveyancing practitioner of your choosing. Nevertheless, where the property lawyer selected is not on the bank approved list further charges will be levied as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so where your conveyancer has not historically sought membership they can do so.
I am purchasing a house and need a conveyancing solicitor in Flint who is on the HSBC Bank conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for HSBC Bank in certain locations such as Flint. We dont recommend any particular firm.
I currently have a mortgage with Principality for my property in Flint. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Principality?
You must advise Principality before letting out your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies 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 Principality directly. You need not do this via a Principality conveyancing panel firm.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Flint building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Flint conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. I have no idea who is right.
Your conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook section two specifications for your 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Coventry BS have agreed my home loan in principle, my offer on a property in Flint has been agreed to, what are the next steps?
The property agent will want to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Call up Coventry BS or the financial adviser and finish off any outstanding paperwork. Coventry BS will appoint a valuer who will get in contact with the estate agent or owners to schedule a time for the valuation to take place. Once carried out (assuming no problems) it takes on average ten days to get a mortgage offer. Coventry BS 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 Flint.
I am purchasing a new build house in Flint benefiting from help to buy. The sellers would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not reveal to my lawyer about the deal as it would affect my loan with the bank. Should I keep quiet?.
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.
Are there common problems that you see in leases for Flint properties?
Leasehold conveyancing in Flint is not unique. Most leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
-
Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
I bought a ground floor flat in Flint, conveyancing having been completed February 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Flint with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2096
With only 72 years remaining on your lease the likely cost is going to be between £9,500 and £11,000 plus legals.
The figure that we have given is 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 comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.