Unfortunately I am unable to travel far from Romney. Can you please explain the reason why all Romney lawyers aren't included on all bank panels?
As inequitable as it may seem for mortgage companies to limit who can represent them, from the public’s or conveyancer’s viewpoint, the flip side is that lending institutions are becoming ever more anxious and regard it essential to defend themselves from mortgage fraud. As a result of this concern mortgage companies have restricted their conveyancing panel to a manageable size.
We are buying our first home. The conveyancing practitioner has contact usto check if we wish to take out supplemental conveyancing searches. As novices we have no idea as to what's relevant for conveyancing in Romney
The type of Romney conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the locality and risks, your general approach to risk. What is important is that you adequately appreciate what information each search could provide. You may then decide if you personally think you need that search. If uncertain, ask the conveyancing practitioner to guide you.
How does conveyancing in Romney differ for newly converted properties?
Most buyers of new build residence in Romney contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Romney tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Romney or who has acted in the same development.
I was advised by three or four local selling agents in Romney to locate a conveyancer on your site. Is there a financial incentive for Estate Agents to offer your site rather than alternative conveyancing organisations?
We don’t offer any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I work for a reputable estate agency in Romney where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Romney conveyancing solicitors. Could you confirm whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a leasehold flat in Romney, conveyancing formalities finalised August 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Romney with an extended lease are worth £202,000. The ground rent is £55 levied per year. The lease expires on 21st October 2080
With just 56 years left to run we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
I am just shy of a 10% deposit on my flat purchase in Romney , but I am keen go ahead. What can I do?
One option is to try and accept a smaller deposit. Most sellers will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second