I am searching for value for money property lawyer. Should I go for for a web based conveyancer as opposed to a high street Audley conveyancing solicitor?
Established third party relationships is an important consideration when appointing conveyancing solicitors. Audley conveyancers enjoy long term relationships with mortgage brokers and agents, local authorities, surveyors and other conveyancing firms meaning you will move in shortest possible time. Hosting a sound knowledge of the local area is also a plus .
I have a mortgage with Yorkshire BS for my property in Audley. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention in advance of renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel lawyer.
I was told three weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Audley is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Audley solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Audley postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Audley.
My friend recommended that if I am buying in Audley I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Audley conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Audley around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Audley Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Audley Education with maps and statistics, Local Amenities and other useful data concerning Audley.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Audley is the location of the property. Is there any guidance you can give?
Flying freeholds in Audley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Audley you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Audley may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We're first time buyers - had an offer accepted, but the selling agent has warned us that the owners will only proceed if we appoint the agent's chosen conveyancers as they want a ‘quick sale’. We would rather use a local conveyancer accustomed to conveyancing in Audley
We suspect that the seller is not behind this requirement. Should the seller want ‘a quick sale', alienating a motivated purchaser is counter productive. Contact the sellers directly and make sure they understand (a)you are genuine buyers (b)you are ready to go, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you are going to use your own,trusted Audley conveyancing lawyers - not the ones that will earn their estate agent a commission or hit his conveyancing figures set by senior management.
I am attracted to a couple of flats in Audley both have about fifty years left on the lease term. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena.
I am the registered owner of a 1st floor flat in Audley, conveyancing was carried out half a dozen years ago. 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? Comparable properties in Audley with a long lease are worth £190,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2087
With only 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 as well as costs.
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 detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.