I am hoping to receive a mortgage with Santander. I would like to enlist the help of a Licensed Conveyancer in Bury. Does the Santander Solicitor panel include conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
I own a freehold residence in Bury but nevertheless pay rent, why is this and what is this?
It is rare for properties in Bury and has limited impact for conveyancing in Bury but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
My father pointed out to me me that in buying a property in Bury there could be various restrictions prohibiting external changes to a property. Is this right?
There are a number of properties in Bury which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Bury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Can you help - my lawyer says that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Bury?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between Halifax and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
I have a mortgage with UBS for my property in Bury. 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 buy-to-let mortgage or inform UBS?
Your original mortgage agreement with UBS will provide that you need their approval prior to renting your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies 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 UBS directly. You need not do this via a UBS conveyancing panel lawyer.
I have been told that property searches are the main reason for obstruction in Bury conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Bury.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Bury I like with open areas and transport links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Bury suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can 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 and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
We're new on the property ladder - had an offer accepted, yet the agent advised that the vendor will only move forward if we instruct their chosen conveyancers as they are insisting on a ‘quick sale’. We would rather use a family solicitor with experience of conveyancing in Bury
It is unlikely the vendors are driving this. Should the seller desire ‘a quick sale', alienating a motivated buyer is is going to put the whole deal at risk. Try to communicate with the sellers directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you will continue to instruct your preferred Bury conveyancing solicitors - rather thanthose that will give their estate agent a commission or meet his conveyancing targets demanded by HQ.