I had a mortgage agreed in principle with TSB. Herne Bay conveyancing lawyers are chosen. How long does it take for TSB to send the offer to the solicitor?
Some lenders take longer than others. Have TSB conducted the survey? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Herne Bay conveyancer on the Skipton panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
The mortgage over my property is with Yorkshire BS for my property in Herne Bay. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention prior to letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies 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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel lawyer.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial land in Herne Bay?
Its becoming the norm that commercial conveyancing solicitors in Herne Bay will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Herne Bay. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Herne Bay.
For each commercial conveyancing transaction in Herne Bay it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to Herne Bay commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Herne Bay.
Just acquired a terraced house in Herne Bay , What is the estimated time for the Land Registry to record my ownership? My Herne Bay conveyancing solicitor works at snail pace, so I want to check that my ownership is recorded.
There is nothing unique when it comes to conveyancing in Herne Bay registration formalities. Rather than based on location, timeframes can adjust depending on the party submitting the application, whether it is in order and if the Land registry have to notify any third parties. As of today in the region of three quarters of such applications are fully dealt with 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 'speed' is not always top priority but where there is a degree of urgency associated with the registration then you or your lawyers must contact the land registry and explain the circumstances.
How does conveyancing in Herne Bay differ for new build properties?
Most buyers of new build premises in Herne Bay approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because developers in Herne Bay usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Herne Bay or who has acted in the same development.
Should I go with a Herne Bay conveyancing solicitor who is local to the property I am hoping to buy? An old friend can deal with the conveyancing but her office is approximately 350kilometers drive away.
The benefit of a high street Herne Bay conveyancing firm is that you can pop in to sign paperwork, hand in your ID and pester them if necessary. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and the majority were content that should trump using an unknown Herne Bay conveyancing lawyer just because they are round the corner.
I am employed by a busy estate agency in Herne Bay where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Herne Bay conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a garden flat in Herne Bay, conveyancing formalities finalised 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Herne Bay with over 90 years remaining are worth £202,000. The ground rent is £60 per annum. The lease ends on 21st October 2082
With only 57 years unexpired we estimate the price of your lease extension to range between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.