We are approaching an exchange on a flat in Diss and my mum and dad have transferred the 10% deposit to my solicitor. I am now informed that as the deposit has not arrived from me my solicitor needs to disclose this to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The conveyancing practitioner is obliged to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
My uncle passed away last year and as sole heir and executor I was left the property in Diss. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this possible?
If you plan to re-mortgage then RBS will insist on your using a conveyancer on the RBS 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 RBS 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 RBS mortgage is registered as a charge at the Land Registry.
What is the difference between a licensed conveyancer and conveyancing solicitor in Diss
There are two types of lawyers who can perform conveyancing in Diss namely licenced conveyancers or solicitors. The two can handle the legal services that required to complete the disposal or purchase of property. They are both obliged to perform Diss conveyancing to the same standards and guidelines so you can be sure that your conveyancing will be properly conducted and that the requisite procedures will be suitably taken.
I had a mortgage agreed in principle with TSB. Diss conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from TSB?
Some lenders take longer than others. Have TSB done the valuation? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
TSB have agreed my mortgage in principle, my offer on a apartment in Diss has been accepted, now what?
The property agent will want to know who your solicitors are (make sure the conveyancing practitioners are on the bank’s approved list). Contact TSB or your financial adviser and finish off any relevant forms. TSB will appoint a valuer who will get in contact with the estate agent or vendor to book a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. TSB will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Diss.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Diss I like with amenity areas and transport links in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Diss for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Are there common deficiencies that you see in leases for Diss properties?
Leasehold conveyancing in Diss is not unique. All leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Coventry Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a 2 bed flat in Diss, conveyancing having been completed December 2006. Can you work out an approximate cost of a lease extension? Corresponding flats in Diss with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2098
With only 72 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
Why am I unable to complete our conveyancing in Diss on May bank holiday?
This is due to the fact that on completion the purchase price will pass between the banks of the buyer and owner’s solicitor and currently this can only take place on a working day. So you can't complete on a weekend either.