When will exchange of contracts occur in domestic conveyancing in Godalming and do I need to be at the conveyancers office?
Where you are near to our conveyancing solicitors in Godalming you are welcome to come in to sign documents. However, the law practices we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you by post or email. The executing of the purchase agreement is not the important part. Signing on the dotted line is necessary for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Godalming)to be in the office available at the end of the phone to exchange contracts.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a Godalming conveyancing practitioner on the Bank of Ireland panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
I have a mortgage with TSB for my property in Godalming. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
TSB must be informed of your intention before renting your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel firm.
About to purchase flat in Godalming. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender 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 Godalming conveyancer is on the Coventry BS conveyancing panel.
I'm buying my first flat in Godalming with a mortgage from Birmingham Midshires. The sellers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative told me not reveal to my solicitor about this deal as it would jeopardize my loan with Birmingham Midshires. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a ground for flat up to £195,000 and found one close by in Godalming I like with open areas and station in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Godalming in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan that many years may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I have been advised by two or three local selling agents in Godalming to locate a solicitor using your seach tool. What’s the financial incentive for Estate Agents to offer your services rather than alternative conveyancing organisations?
We refuse to give any commission for sending work to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Do you have any advice for leasehold conveyancing in Godalming with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Godalming can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the purchasers’ conveyancers. If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. The majority of freeholders or Management Companies in Godalming levy fees for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Godalming. If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Godalming leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such works. If you fail to have the paperwork to hand do not contact the landlord without checking with your lawyer in advance. A minority of Godalming leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I bought a 2 bed flat in Godalming, conveyancing was carried out February 2010. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Godalming with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2104
You have 79 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.