We're in Faringdon, First time buyers buying with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
How does conveyancing in Faringdon differ for newly converted properties?
Most buyers of new build premises in Faringdon come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Faringdon tend to purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Faringdon or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Faringdon is where the house is located. Can you shed any light on this issue?
Flying freeholds in Faringdon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Faringdon you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Faringdon may determine 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 residence.
What is different about your site and alternative online quote calculators when it comes to conveyancing in Faringdon?
At this site obtain a fixed fee quote from a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Faringdon. As opposed to estate agents and brokerage sites we do not have commission arrangements with solicitors. Some agents and online brokers 'recommend' the firm paying the highest kickback, as opposed to the best value conveyancing in Faringdon
My uncle has suggested that I instruct his conveyancers in Faringdon. Do I take his advice?
Much as we are happy to recommend a Faringdon conveyancing lawyer it’s preferable to choose a conveyancing practitioner is to have referrals from friends or relatives who have actually previously instructed the firm that you are contemplating using.
Last October I purchased a leasehold house in Faringdon. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a garden flat in Faringdon, conveyancing was carried out July 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Faringdon with an extended lease are worth £207,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease expires on 21st October 2080
With only 57 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.