We're in Henbury, First time buyers purchasing with a mortgage (lender is Aldermore , and our lawyer is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have decided to exercise my right to buy my property in Henbury off the council. I have a mortgage offer with TSB. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
Completion of my purchase has taken place for my property in Henbury. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies 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 resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Henbury bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Henbury conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. I simply don't know who is right.
Your solicitor must follow the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing my first flat in Henbury with a loan from Chelsea Building Society. The builders would not budge the price so I negotiated 6k of extras instead. The estate agent suggested that I not disclose to my solicitor about this side-deal as it may affect my loan with the bank. Should I keep quiet?.
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've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Henbury is the location of the property. Is there any advice you can impart?
Flying freeholds in Henbury are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Henbury you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Henbury may decide 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 hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Henbury. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in Henbury are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Henbury so you should seriously consider shopping around for a Henbury conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I own a split level flat in Henbury, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable properties in Henbury with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2076
With only 51 years unexpired we estimate the price of your lease extension to span between £30,400 and £35,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I am seeking to purchase a repossessed property in Henbury and the bank selling would like to complete inside 28 days. Can a property lawyer complete in this timeframe? Would it be better to select a local Henbury firm or an online firm that professes to offer speedy conveyancing?
Visit your Henbury high street. Go in to 3 companies and request to see a conveyancing solicitor for an estimate. Set out your needs and seek a commitment on deadlines. Choose the one that appears most genuine. Be sure to choose a property lawyer on the list of solicitors acceptable to your lender.