I am considering applying for a Virgin Money mortgage for purchase of a newly converted (under development) in Colerne with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Virgin Money ?
There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Have just purchased a probate house at auction in Colerne. Conveyancing is needed. What is next?
Given that you are now to all intents and purposes signed on the dotted line you must appoint a conveyancing solicitor as a matter of priority as you will have a fast approaching a drop dead date to complete the deal. All auction property will ordinarily have a corresponding auction pack. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You need to pass this on to the lawyer working for you at the earliest opportunity. You also need to ensure that your finances are organised to complete on the on the contractual date .
I am currently in the process of buying my council flat in Colerne. I have a mortgage offer with HSBC. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
I recently had an offer agreed on a house in Colerne. My mortgage broker suggested a solicitor. I paid an on account payment of £150. A few days later, the lawyer called me embarrassingly acknowledging that they were not on the RBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the RBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am buying a new build apartment in Colerne. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Colerne
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Please confirm the Lease plans are surveyor prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply a car parking plan.
I have been on the look out for a flat up to £245,000 and found one round the corner in Colerne I like with amenity areas and railway links in the vicinity, however it's only got 61 remaining years left on the lease. There is not much else in Colerne for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Frank (my husband) and I may need to let out our Colerne ground floor flat for a while due to taking a sabbatical. We instructed a Colerne conveyancing practice in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Colerne conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the premises. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to obtain consent via your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining consent. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I own a 1st floor flat in Colerne, conveyancing having been completed in 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Colerne with an extended lease are worth £255,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2097
With only 73 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Why can I not complete our conveyancing in Colerne on a bank holiday?
Because on completion the money needs to be transferred electronically between the banks of the purchaser and owner’s lawyer and at present this can only take place on a business day. So you can't complete on a saturday or sunday either.