I am acquiring a property for cash in Geddington. I have lived for the previous 20 years in Geddington. Conveyancing searches are a lot of money. Given that I know the road and vicinity very well must I have all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the Geddington conveyancing searches are non-obligatory. Your solicitor will try and steer you, perhaps strongly, that you should have searches carried out, but she has a professional duty to do this. Do bear in mind; if you are likely to dispose of the house in the future, it will be of interest to your future buyer what the searches disclose. There are plenty of instances where premises with day to day issues can still reveal unpredicted search results. A competent conveyancing solicitor in Geddington should be able to give you some practical guidance concerning this.
we are a couple who are buying a newbuild apartment in Geddington with a loan from Santander.We use our Geddington conveyancing practitioner but Santander advised that she’s not listed on their approved list of member firms. It seems we have no choice but to instruct a Santander panel solicitor or keep our preferred solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, one of which will be that lawyers must be on the Santander approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Santander
We previously chose solicitors located in Geddington on the Co-operative solicitor panel. They have just invoiced me an additional amount for the legal aspects of the Co-operative mortgage. Is this an additional conveyancing fee specified by Co-operative?
Provided it is contained in their Terms and Conditions or Quote then yes your lawyer can charge a fee for this. This charge is not dictated by Co-operative but by your Geddington conveyancer. Some firms on the Co-operative panel will quote an ‘acting for lender’ fee and others do not.
My fiancee and I are in the process of looking at apartments in Geddington and I am about to put in an offer. Is it premature to have a solicitor in place? I intend to finance via a home loan with Kent Reliance.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are seeking a mortgage with Kent Reliance, make sure you remember to check that your lawyer is on the Kent Reliance conveyancing panel.
After what feels like an age I have had an offer on an apartment in Geddington agreed to, but there is a chain. The sellers have put an offer on somewhere, but it’s not yet tied up, and are looking at other flats booked. I have selected a local conveyancing solicitor in Geddington. What do I do now? When do I get the mortgage application with Yorkshire BS going?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Geddington conveyancing search fees, etc). First, you should ensure that your property lawyer is on the Yorkshire BS approved list. As to the subsequent phase this very much depends on the specifics of your case, motivation for this property and on the state of the market. During a buoyant market the majority of purchasers would apply for the mortgage with Yorkshire BS and pay for the valuation and only if it was satisfactory would they ask their solicitor to press on with the conveyancing in Geddington.
The estate agent has sent us the confirmation of our purchase of a new build flat in Geddington. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Geddington
-
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
My husband and I are FTB’s - agreed a price, yet the property agent informed us that the vendor will only issue a contract if we instruct the agent's recommended lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a local solicitor who is familiar with conveyancing in Geddington
We suspect that the owner is unaware of this demand. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is is going to put the whole deal at risk. Speak to the owners direct and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you are going to use your own,trusted Geddington conveyancing firm - rather thanthe ones that will earn their estate agent a commission or meet his conveyancing targets pre-set by head office.
Do you have any top tips for leasehold conveyancing in Geddington with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Geddington can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers’ conveyancers. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share certificate. Arranging a replacement share certificate is often a lengthy formality and frustrates many a Geddington conveyancing transaction. Where a new share is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later. If you have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I invested in buying a 2 bed flat in Geddington, conveyancing was carried out in 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Geddington with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2082
You have 57 years unexpired the likely cost is going to range between £26,600 and £30,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.