We are acquiring a new build flat in East Barming and my conveyancer is advising me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Planning on purchasing a flat in East Barming. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the East Barming property lawyer is on the Leeds Building Society conveyancing panel.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local East Barming solicitor - who is on the UBS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your East Barming postcode. As you are getting a mortgage with UBS, you could contact them to see if they have a list of approved surveyors in East Barming.
Our offer on a semi in East Barming has been agreed to, but there is a chain. The owners have placed an offer on on an apartment, however it’s not yet agreed to, and are looking at other apartments in the pipeline. I have selected a nearby conveyancing solicitor in East Barming. What do I do now? When do I get the mortgage application with Nationwide started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx one thousand pounds, then valuation, East Barming conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Nationwide approved list. Regarding the subsequent steps this very much depends on the uniqueness of your case, motivation for the property and on the state of the market. During a rising market some home buyers will apply for the mortgage with Nationwide and arrange for the valuation and only if it comes back ok would they request their conveyancing practitioner to proceed with searches.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. East Barming is where the house is located. Is there any guidance you can give?
Flying freeholds in East Barming are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in East Barming you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Barming may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
We're FTB’s - had an offer accepted, but the estate agent informed us that the seller will only move forward if we appoint their chosen lawyers as they need an ‘expedited deal’. We would rather use a family conveyancer accustomed to conveyancing in East Barming
We suspect that the owner is unaware of this demand. Should the seller want ‘a quick sale', turning down a genuine buyer is counter productive. Try to communicate with the owners directly and make the point that (a)you are genuine buyers (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you will continue to appoint your own,trusted East Barming conveyancing firm - as opposed tothe ones that will give their estate agent a introducer fee or hit his conveyancing targets pre-set by corporate headquarters.
I have just appointed agents to market my 2 bed apartment in East Barming. Conveyancing lawyers have not yet been instructed, but I have just received a half-yearly service charge invoice – what should I do?
It best that you clear the service charge as normal as all ground rent and service charges should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a studio flat in East Barming, conveyancing was carried out in 2008. Can you work out an approximate cost of a lease extension? Comparable flats in East Barming with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2087
You have 65 years remaining on your lease we estimate the price of your lease extension to range between £13,300 and £15,400 as well as legals.
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 comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
What type of premises does your East Barming conveyancing quotes relate to?
The quotes supplied are only relevant to standard domestic property in England & Wales. Where you have any different needs for example industrial or agricultural land or commercial conveyancing in East Barming you should telephone us to address this further .