Do I have to attend the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Faversham so that I can pop in to their offices if required.
These days approved lawyers for lenders undertake the vast majority of communications through the post, e-mail or over phone calls. This enables them to undertake the legal work for your home move no matter where you live in England or Wales. However you should check if you have the option of visiting the offices of your conveyancing lawyer if needed.
About to purchase house in Faversham. 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 Coventry BS 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 Faversham property lawyer is on the Coventry BS conveyancing panel.
I have instructed a Faversham lawyer having made sure that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality 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 solicitor 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 Faversham postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Faversham.
My offer on a semi in Faversham has been agreed to, but there is a chain. The sellers have placed an offer on a flat, however it’s not yet agreed to, and have viewings of other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Faversham. What do I do now? At what point should I apply for the mortgage with Barclays?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then valuation, Faversham conveyancing search costs, etc). First, you must ensure that your lawyer is on the Barclays approved list. Regarding the next phase this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a rising market some home buyers will apply for the mortgage with Barclays and arrange for the valuation and only if it comes back ok would they request their solicitor to proceed with the conveyancing in Faversham.
Will our lawyer be making enquiries about flooding during the conveyancing in Faversham.
The risk of flooding is if increasing concern for lawyers dealing with homes in Faversham. Plenty of people will buy a house in Faversham, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a various searches that can be carried out by the purchaser or on a buyer’s behalf which can figure out the risks in Faversham. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to find out if the property has historically flooded. In the event that the property has been flooded in past and is not disclosed by the vendor, then a purchaser could issue a claim for damages as a result of such an misleading reply. A purchaser’s solicitors should also carry out an enviro report. This should higlight whether there is a recorded flood risk. If so, further investigations should be initiated.
It has been 3 months since my purchase conveyancing in Faversham concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a simple, no chain conveyancing. Faversham is the location of the property. Can you offer any assistance?
Flying freeholds in Faversham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Faversham you would need to get your solicitor to go 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 Faversham 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 property.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Faversham. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Faversham are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Faversham in which case you should be looking for a Faversham conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
I own a split level flat in Faversham, conveyancing formalities finalised in 2010. Can you work out an approximate cost of a lease extension? Similar properties in Faversham with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2080
With 55 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.