My conveyancer has uncovered a defect with the lease for the flat we are buying in Gamlingay. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
We are getting the release of further monies on our home loan from Bank of Ireland as we intend to conduct renovations to our property in Gamlingay. Do we need to select a local Gamlingay solicitor on the Bank of Ireland conveyancing panel to handle the legals?
Bank of Ireland do not ordinarily appoint a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland conveyancing panel.
The formalities of my remortgage has taken place for my property in Gamlingay. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
My sealed bid on a property in Gamlingay has been agreed to, but there is a chain. The vendors have offered on on an apartment, however it’s not yet agreed to, and have viewings of other properties booked. I have chosen a local conveyancing solicitor in Gamlingay. What should be my next step? At what stage should I apply for the mortgage with Principality?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of £1k, then survey, Gamlingay conveyancing search fees, etc). First, you must ensure that your conveyancer is on the Principality conveyancing panel. Regarding the subsequent phase this very much dictated by the specifics of your case, motivation for this property and on the state of the market. In a buoyant market many buyers would apply for the mortgage with Principality and pay for the valuation and only if it comes back ok would they ask their conveyancer to proceed with searches.
Just bought a terraced house in Gamlingay , What is the estimated time for the Land Registry to register my proprietorship? My Gamlingay conveyancing solicitor has been painfully slow, so I want to be certain that my purchase is recorded.
There is nothing unique about conveyancing in Gamlingay registration formalities. Rather than based on location, timescales can vary subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any interested parties. Currently in the region of three quarters of such applications are completed within two weeks but some can be subject to longer hold-ups. Registration is effected once the purchaser has moved in to the property so an expedited registration is not always primary concern yet where it is urgent that the the registration takes place urgently then you or your solicitor could speak with the land registry and explain the circumstances.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Gamlingay. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Gamlingay
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan.
I have been on the look out for a flat up to £245,000 and identified one close by in Gamlingay I like with a park and railway links nearby, the downside is that it only has 51 years on the lease. I can't really find anything else in Gamlingay for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I have just appointed agents to market my 2 bed apartment in Gamlingay. Conveyancing is yet to be initiated, however I have recently had a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you discharge the service charge as usual given that all ground rent and maintenance payments should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer 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. This will smooth the conveyancing process.
I own a 1st floor flat in Gamlingay, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Gamlingay with an extended lease are worth £222,000. The ground rent is £50 per annum. The lease terminates on 21st October 2096
You have 70 years left to run the likely cost is going to span between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.