We were just about to sign contracts for a garden flat in Babbacombe. We have hit a snag. Our loan offer with Barnsley Building Society runs out on 27/11/2023 but the owners are suggesting a completion date of 29/11/2023. Can one prolong the mortgage offer?
The best person to address this issue is your solicitors who should determine whether he or she is should be discussing with the lender, owner’s representatives, selling agents or conceivably all three given the history of your house move to date.
We're in Babbacombe, FTBs buying with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality 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.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a two bedroom flat in Babbacombe. Do I pick up the keys to the property on completion from my lawyer? If so, I will instruct a local conveyancing solicitor in Babbacombe?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the seller's lawyers, and once they have received this, you will be able to receive the keys from the selling Agents and start moving into the property. This tends to happen between 1 and 3pm.
We have agreed to purchase a house in Babbacombe. One unusual aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Kent Reliance your lawyer must comply with the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook contains minimum specifications for solar panel roof-space leases, and lawyers are required to report to Kent Reliance where a lease does not comply with these conditions. The provisions relate to the installation of panels on properties nationwide and is not isolated to Babbacombe.
Santander have agreed my mortgage in principle, my offer on a flat in Babbacombe has been accepted, now what?
Your estate agent will want to be informed of your conveyancer's details (be sure the property lawyers are on the bank’s panel). Contact Santander or your broker and finish off any outstanding documentation. Santander will appoint a valuer who will get in touch with the selling agent or owners to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Santander will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Babbacombe.
The deeds to my house can not be found. The solicitors who dealt with the conveyancing in Babbacombe 4 years ago no longer exist. What are my options?
In today’s world there are copies made of almost everything, and your lawyer will know precisely where to find all the appropriate paperwork so you may buy or sell your house without any difficulty. Where copies are not available, your conveyancer may be able to put in place insurance or indemnities against future claims on your premises.
The estate agent has sent us the confirmation of our purchase of a new build flat in Babbacombe. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Babbacombe
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I work for a long established estate agency in Babbacombe where we see a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Babbacombe conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 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 sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 garden flat in Babbacombe, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Babbacombe with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2089
With only 66 years left to run we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.