Why is leasehold purchase conveyancing in Allendale is more expensive?
Allendale leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We're in Allendale, First time buyers buying with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We had appointed conveyancers based in Allendale on the Bank of Ireland solicitor panel. They have just billed me an additional charge for the legal aspects of the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?
Provided it is contained in their Terms and Conditions or estimate then yes your solicitor can levy a fee for this. This charge is not set by Bank of Ireland but by your Allendale conveyancing practitioner. Some firms on the Bank of Ireland panel will quote an ‘acting for lender’ fee and others do not.
I have a mortgage with RBS for my property in Allendale. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval before renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will permit you to let 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 RBS directly. You need not do this via a RBS conveyancing panel lawyer.
It is unclear whether my lender requires a lease extension. I have called my Allendale bank branch on numerous occasions and was informed it wasn't an issue and they will lend. My Allendale conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend based on their specific requirements. I simply don't know who is right.
As long as the property lawyer is on the mortgage company panel, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
I am downsizing from our home in Allendale and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A high street Allendale conveyancer would know that there is no such problem. It does beg the question why the buyers used an internet conveyancing practice as opposed to a conveyancing solicitor in Allendale. We have lived in Allendale for 5 years we know of no issue. Should we get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Allendale differ for newly converted properties?
Most buyers of new build premises in Allendale contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Allendale usually buy the site, 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 conveyancers 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 Allendale or who has acted in the same development.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Allendale. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Allendale are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Allendale in which case you should be looking for a Allendale conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.
I invested in buying a split level flat in Allendale, conveyancing formalities finalised July 2006. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Allendale with a long lease are worth £176,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2105
With just 80 years left to run the likely cost is going to be between £8,600 and £9,800 as well as legals.
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. You should not use the figures 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 move forward based on this information without first seeking the advice of a professional.