I am considering applying for a Bank of Ireland mortgage for purchase of a new build (under development) in Botley with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Ireland ?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am close to exchanging contracts on the sale of our home in Botley and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Botley lawyer would know that there is no such problem. For the life of me I don't know why the purchasers instructed an internet conveyancing firm rather than a conveyancing solicitor in Botley. Having lived in Botley for many years we know of no issue. Should we get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm already. Are they able to advise? 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 sickness)
How does conveyancing in Botley differ for new build properties?
Most buyers of new build residence in Botley approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Botley 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 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 Botley or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Botley I like with amenity areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Botley in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign 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 solicitor regarding this matter.
I'm refinancing my current house to a buy to let loan with Bank of Scotland and intend to use the remaining equity towards further property. The location we are interested in is Botley. Will your solicitors be able to act for both sets of lenders and tie in the conveyances?
Make use of our comparison tool on this page to be sure that the lawyers are on the relevant lender panels. Assuming that they are the conveyancer will be able to tie up the two conveyancing matters but you should talk with you solicitor and make clear your expectations and requirements.
Do you have any advice for leasehold conveyancing in Botley from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Botley can be avoided where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ solicitors. Many landlords or Management Companies in Botley charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Botley. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to ongoing.
Botley Leasehold Conveyancing - Examples of Queries before Purchasing
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What is the name of the managing agents? Most Botley leasehold flats will incur a service charge for maintenance of the block set on behalf of the management company. Where you purchase the property you will have to meet this amount, usually in instalments during the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge to be met annual, normally this is not a significant sum, say about £50-£100 but you should to check it because on occasion it could be prohibitively expensive. Best to be warned if redecorating or some other major work is anticipated to be shared by the leasehold owners and will dramatically increase the the maintenance charges or result in a specific payment.