We note that you have a post code search directory identifying law firms on the Aldermore conveyancing panel. Do firms pay you a commission if I retain them for our conveyancing in Dymock?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Dymock.
We're in Dymock, First timers purchasing with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
When it comes to mortgage companies such as Leeds Building Society, do Dymock solicitors face an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
My husband and I have organised the release of further funds on our home loan from Skipton as we wish to carry out improvements to our property in Dymock. Are we obliged to select a high street Dymock solicitor on the Skipton conveyancing panel to deal with the paperwork?
Skipton do not ordinarily instruct a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton panel.
I have a mortgage with Skipton for my property in Dymock. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
Your original mortgage agreement with Skipton will provide that you need their approval before renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
I understand that there are debates on Chancel Insurance on online forums. Do I need this when acquiring a property in Dymock? or I am told that there is a law dating back centuries that means some owners of property living in a parish church boundary may be liable to contribute towards maintenance to the chancel in proximity to the church. Is this appropriate for conveyancing in Dymock?
Unless a previous purchase of the property completed after 12 October 2013 you may expect lawyers delivering conveyancing in Dymock to continue to propose a a chancel search and or chancel repair liability insurance.
I am looking for a ground for flat up to £245,000 and identified one round the corner in Dymock I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Dymock for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I work for a busy estate agent office in Dymock where we see a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Dymock conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a basement flat in Dymock, conveyancing formalities finalised January 2009. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Dymock with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2088
You have 63 years remaining on your lease we estimate the premium for your lease extension to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.