I am selling my apartment in Claydon. Will my conveyancing practitioner need to be required to be on the HSBC conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
is it true that all Claydon solicitor practices on the Clydesdale conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be regulated by the SRA. Some banks do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
I currently have a mortgage with Nottingham for my property in Claydon. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
Nottingham must be informed of your intention prior to renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham will permit you to let 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 Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel firm.
Virgin Money have agreed my mortgage in principle, my offer on a flat in Claydon has been agreed to, now what?
Your estate agent will wish to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Contact Virgin Money or the financial adviser and complete any relevant paperwork. Virgin Money will instruct a valuer who will get in contact with the estate agent or owners to book a time for the valuation to take place. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Virgin Money will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Claydon.
Are there restrictive covenants that are commonly identified during conveyancing in Claydon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Claydon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Claydon I like with amenity areas and transport links in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Claydon for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may ask them to 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.
My husband and I are a couple of weeks into a freehold purchase having been recommend to a firm by the estate agent to do our conveyancing in Claydon. I am not happy. Could you you assist me in finding new solicitors?
They would need to be very poor in order to consider changing them. Has the mortgage been generated? If so you will need to advise them of the new contact details and ensure the mortgage documents are re-sent. Your solicitor ideally should be on the lenders approved list to avoid escalating fees and frustration. That should be your starting point. Our find a solicitor tool will help you find a bank approved lawyer for your home move in Claydon
Having had my offer accepted I require leasehold conveyancing in Claydon. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Claydon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Claydon Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to Purchasing
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How many of the leaseholders are in arrears for their service charge payments? If a Claydon lease has no more than 80 years it will impact the value of the property. It is worth checking with your lender that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of what this would cost. Remember, in most cases you would be required to have been the owner of the residence for two years before you are entitled to carry out a lease extension. Most Claydon leasehold properties will have a service bill for maintenance of the block levied by the management company. Should you purchase the flat you will have to pay this contribution, usually periodically accross the year. This may vary from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met yearly, this is usually not a large amount, say about £50-£100 but you should to check as on occasion it can be prohibitively expensive.