I am purchasing a new build flat in Gillingham. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Gillingham you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Gillingham.
My husband and I have arranged a further advance on our home loan from Leeds Building Society as we intend to conduct a loft conversion to our home in Gillingham. Are we obliged to select a local Gillingham solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society don't usually appoint a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I had a mortgage agreed in principle with UBS. Gillingham conveyancing practitioners have been instructed. How long does it take for UBS to send the offer to the conveyancer?
There is no definitive answer here. Have UBS conducted the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Coventry BS have agreed my home loan in principle, my bid on a property in Gillingham has been accepted, what are the next steps?
Your property agent will wish to know who your solicitors are (be sure the conveyancing practitioners are on the bank’s approved list). Call up Coventry BS or your financial adviser and finalise any relevant forms. Coventry BS will instruct a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Coventry BS will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Gillingham.
What does a local search tell me about the property we're buying in Gillingham?
Gillingham conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for example Searches UK The local search is essential in every Gillingham conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Gillingham is where the house is located. What do you suggest?
Flying freeholds in Gillingham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Gillingham you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Gillingham may ascertain 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.
I am tempted by the attractive purchase price for a two apartments in Gillingham both have about 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Gillingham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Gillingham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Gillingham Leasehold Conveyancing - A selection of Queries Prior to buying
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The best form of lease arrangement is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and although a managing agent is usually employed where it is bigger than a house conversion, the managing agent is directed by the tenants. This information is useful as a) areas may result in problems in the building as the common areas may start to deteriorate if maintenance remain unpaid b) if the tenants have an issue with the running of the building you will want to have full disclosure On the whole the outlay for major works are not included within maintenance charges, albeit that some managing agents in Gillingham ask leasehold owners to contribute towards a sinking fund created for the specific purpose of building a fund for major repairs or maintenance.
We are midway through buying a house in Gillingham. Conveyancing solicitor has told us the title is "Leasehold". Should this impact our lender’s valuation?
Gillingham conveyancing does not ordinarily involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to affect the value significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a adverse effect on the saleability, and probably wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be set out in the lease provided to your conveyancer.