We were going to get a OIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any Bollington solicitors on the Nationwide conveyancing panel, or is it better to go independently?
You will need to appoint Bollington solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I have decided to exercise my right to buy my property in Bollington off the council. I have a mortgage agreed with Yorkshire BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
Intending to buy a house in Bollington. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Bollington lawyer is on the Coventry BS conveyancing panel.
3 months have gone by since my purchase conveyancing in Bollington completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Bollington differ for newly converted properties?
Most buyers of new build premises in Bollington contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Bollington typically buy the real estate, 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 Bollington or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and found one round the corner in Bollington I like with a park and railway links in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Bollington suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I am 14 days into a residential purchase having been recommend to solicitors by the estate agent to perform conveyancing in Bollington. I am not happy. Could you help me find new solicitors?
They would need to be very bad in order to consider replacing them. Has the loan offer been issued? In the event that it has you will need to make them aware of the replacement lawyer and ensure the mortgage documents are re-sent. Your solicitor ideally needs to be on the lenders panel to avoid supplemental costs and delays. That should be your starting point. The find a solicitor tool can assist you in finding a bank approved solicitor for your home move in Bollington
I've recently bought a leasehold house in Bollington. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Bollington Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
The answer will be useful as a) areas can cause problems for the building as the communal areas may start to deteriorate if repairs are not paid for b) if the tenants have a dispute with the managing agents you will need to have all the details Its a good idea to discover as much as you can concerning the company managing the block as they can either make life much simpler or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to practical issues like the upkeep of the common parts. Enquire of prospective neighbours what they think of their management. In conclusion, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending the funds. Where a Bollington lease has no more than eighty years it will impact the marketability of the property. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will almost definitely require a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would be be obliged to have owned the premises for two years before you are entitled to extend the lease.