I happen to be the sole beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Bushey. The Bushey property was put into my name in August. I plan to dispose of the property. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship will be considered the same way as though I had purchased the house in August. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Most mortgage companies would take a sensible view as this obligation principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
We expect to receive a DIP from Coventry BS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Coventry BS recommend any Bushey solicitors on the Coventry BS conveyancing panel, or is it better to go independently?
You will need to appoint Bushey solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
It is not clear whether my bank requires a lease extension. I have called my Bushey bank branch on numerous occasions and was advised it wasn't an issue and they will lend. My Bushey conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Provided that the lawyer is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a residence in Bushey? or Apparently there is a law dating back centuries that could mean that house owners residing in a parish church boundary will be compelled to contribute towards repairs to the chancel within the church. Is this a legitimate concern for conveyancing in Bushey?
Unless a prior purchase of the premises completed post 12 October 2013 you could expect solicitors delivering conveyancing in Bushey to continue to recommend a chancel search and or chancel repair liability insurance.
How does conveyancing in Bushey differ for newly converted properties?
Most buyers of new build property in Bushey come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Bushey typically 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 conveyancing solicitors 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 Bushey or who has acted in the same development.
Should I be suspicious by 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a local Bushey conveyancing practice?
As is the case with lots of professional services, often recommendations from connections can be worth their weight in gold. But there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all suggest conveyancers to choose. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You have the right to appoint your preferred lawyer. Don't forget that the majority of lenders operate an approved list of conveyancers you have to use for the mortgage related work in your home move.
Am I best advised to instruct a Bushey conveyancing practitioner based in the location that I am purchasing? We have a good friend who can execute the legal formalities but his firm is located a couple of hundredkilometers away.
The primary upside of using a high street Bushey conveyancing firm is that you can attend the office to sign documents, present your identification documents and pester them if necessary. Having local Bushey know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and in the main were happy that must outweigh using an unfamiliar Bushey conveyancing solicitor solely due to them being Bushey based.
I am looking at a two apartments in Bushey which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Bushey conveyancing firm to help?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension decision for a Bushey property is 197 Byron Road in March 2013. In relation to the value of the extended lease the tribunal concluded that the appropriate premium should be £19237 This case related to 1 flat. The remaining number of years on the lease was 70.92 years.