My fiance and I are purchasing residence in Caddington. My property lawyer is not on the bank approved panel. Is it possible for me to retain my Caddington conveyancing solicitor even though they are excluded from the lender list of approved lawyers?
You must use a lawyer to complete the legal work required when you need a mortgage to purchase your home. They will conduct all the essential due diligence on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage paperwork is dealt with. One can appoint a Caddington lawyer of your choice. Nevertheless, if the conveyancer appointed is not on the lender solicitor panel additional costs will be incurred as separate legal representation will be required by them. Bank panel applications can be submitted, so if your conveyancer has not previously applied for membership they should do so.
The vendors of the home we are looking to purchase hired a conveyancing practitioner in Caddington who has recommended a lock out agreement with a non-refundable deposit 6,000. Are such agreements sensible?
This form of agreement is unusual in Caddington, conveyancers are not keen on them as they detract from focusing on the primary focus, namely conveyancing and if you end up having your deposit forfeited then the lawyer is left exposed. Secondly, there is no guarantee that just because the owner has signed a lock out contract they will sell to you. They may breach the agreement if they receive sufficient incentive to do so because a wronged buyer with the benefit of a exclusivity agreement will still have to establish consequential losses from the breach and these may not equalise the financial upside that your vendor may secure by reneging on the agreement, no matter how morally condemnable that may be.
My uncle passed away six months ago and as sole heir and executor I was left the house in Caddington. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this possible?
Where you plan to refinance then Yorkshire BS will require that you use a conveyancer on the Yorkshire BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Yorkshire BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Yorkshire BS mortgage is registered as a charge at the Land Registry.
How does conveyancing in Caddington differ for new build properties?
Most buyers of new build property in Caddington contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Caddington typically buy the land, 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 conveyancers 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 Caddington or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and found one close by in Caddington I like with open areas and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Caddington in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises 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 and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am buying a leasehold property in Caddington. Conveyancing quotes are coming in at around £1800. Does that seem right?
The average cost last year for conveyancing in Caddington was just under one thousand five hundred pounds not including SDLT and Land Registry charges.