The property market in Eastleigh is heating up. What can I do to expedite matters?
In a situation where the seller is applying time constraints for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will have local connections and intelligence. It is possible that they may have transacted previoushomes in the same neighbourhood. You would be best advised to use a Eastleigh conveyancing solicitor. In addition, be sure that the lawyer is on the on the approved list for your mortgage company. It is claimed that 18% of Eastleigh conveyancing transactions are frustrated or derailed after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. This can often result in the home move being frustrated by as much as three weeks. It is believed that this issue affects in the region of one hundred thousand home moves annually. Almost all Eastleigh conveyancing firms can not represent certain mortgage companies so do check as early as possible.
My aunt passed away six months ago and as sole heir and executor I was left the property in Eastleigh. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Nationwide will require that you use a conveyancer on the Nationwide 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 Nationwide 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 Nationwide mortgage is registered as a charge at the Land Registry.
Will my conveyancer be making enquiries concerning flooding as part of the conveyancing in Eastleigh.
Flooding is a growing risk for lawyers dealing with homes in Eastleigh. Plenty of people will acquire a house in Eastleigh, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of searches that may be initiated by the purchaser or by their solicitors which should give them a better understanding of the risks in Eastleigh. The standard property information forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the seller to determine whether the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the seller, then a purchaser could issue a compensation claim as a result of such an incorrect reply. A buyer’s conveyancers will also carry out an enviro report. This should reveal whether there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
Due to the guidance of my in-laws I had a survey completed on a house in Eastleigh prior to retaining solicitors. I have been told that there is a flying freehold element to the property. My surveyor advised that some banks will not issue a loan on such a premises.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Eastleigh. Conveyancing will be smoother if you use a solicitor in Eastleigh especially if they are acquainted with such properties in Eastleigh.
How do I use your search facility to choose a conveyancing lawyer in Eastleigh on the approved list for my bank?
Step one is to pick a lender such as Nationwide Building Society, Leeds Building Society or Alliance & Leicester then choose your preferred area a common one being Eastleigh. Conveyancing organisations in Eastleigh and across England and Wales should be identified.
Can you offer any advice when it comes to finding a Eastleigh conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Eastleigh conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Eastleigh conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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Can they put you in touch with clients in Eastleigh who can give a testimonial?
I bought a split level flat in Eastleigh, conveyancing was carried out in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Eastleigh with a long lease are worth £176,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2106
With just 80 years remaining on your lease we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.