There is lots of information on this site about conveyancing in Banbury but what is your top tip for selecting the right conveyancer in Banbury
Do not opt for the lowest Banbury conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm the only beneficiary of my late mum's will with all property in now in my sole name, including the house in Banbury. The Banbury property was put into my name in November. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my property ownership may be considered the same way as though I had purchased the house in November. Is the property unsalable for six months?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. Most banks would take a practical view as this obligation chiefly exists to pick up on the purchase and immediately sell or the flipping of property.
When it comes to mortgage companies such as RBS, do Banbury property lawyers incur a fee to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Various online forums that I have frequented warn that are the main reason for hinderance in Banbury conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Banbury.
Are there restrictive covenants that are commonly identified as part of conveyancing in Banbury?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Banbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a flat up to £305k and identified one close by in Banbury I like with a park and station nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Banbury for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
Should I choose a Banbury conveyancing solicitor based in the area that I am hoping to buy? An old friend can carry out the legal work however her office is 300kilometers drive away.
The primary upside of using a high street Banbury conveyancing practice is that you can attend the office to sign documents, hand in your identification documents and apply pressure on them where appropriate. Having local Banbury know how is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and they were impressed that should outweigh using an unknown Banbury conveyancing lawyer just because they are round the corner.
Looking forward to exchange soon on a basement flat in Banbury. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Banbury should include some of the following:
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Ground rent - what is due and when is collected, and be on notice if this is subject to change if lease has a provision for a slush fund for major works? Your solicitors should enable you to have an understanding of the building insurance provisions You should receive a copy of the lease The total ownership of the demise. This may be the apartment itself but could also incorporate a roof space or cellar if relevant.
I bought a leasehold flat in Banbury, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Banbury with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2102
With 77 years remaining on your lease we estimate the price of your lease extension to range between £7,600 and £8,800 plus costs.
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. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.