In the event thatI was to purchase a straightforward housein Hook for cash and dispense with a survey and no local authority searches how much could I expect to to save on my conveyancing in Hook?
Any savings you would achieve will be limited to the costs for searches. A conveyancer still be obliged to do everything else - money laundering, correspond with your vendors lawyer, SDLT return, register the ownership etc. You might save a bit for them not needing to register a mortgage but it will not be a lot.
Have just purchased a probate house at auction in Hook. Conveyancing is required. What is next?
Having exchanged you now have to find a conveyancing solicitor quickly as you will have a pending a drop dead date to complete the purchase. Every auction property should have a corresponding auction set of papers. This will include most,if not all of the paperwork that your lawyer will need. In the case of leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You should hand this to the conveyancer instructed by you as soon as possible. Do make sure that you have funds organised to complete the transaction on the set completion date.
I'm the sole beneficiary of my late mum's will and I have everything in my name alone, including the house in Hook. Conveyancing formalities meant that the Land Registry date was in May. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the house in May. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How sensible a view banks take of it, depend on the lender as this provision is principally there to identify the purchase and immediately sell or the quick reselling of property.
We previously instructed conveyancers based in Hook on the Virgin Money solicitor panel. They have just invoiced me a separate amount for dealing with the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer is entitled to charge a fee for this. This fee is not dictated by Virgin Money but by your Hook property lawyer. Plenty of firms on the Virgin Money panel will charge an ‘acting for lender’ fee but some firms include it on their overall fee.
Should our solicitor be making enquiries about flooding during the conveyancing in Hook.
Flooding is a growing risk for conveyancers carrying out conveyancing in Hook. Plenty of people will purchase a house in Hook, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their conveyancers which will give them a better appreciation of the risks in Hook. The standard information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to find out if the premises has historically flooded. In the event that flooding has previously occurred and is not disclosed by the seller, then a purchaser may issue a claim for damages as a result of such an incorrect reply. A buyer’s solicitors may also commission an environmental report. This will indicate if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
I am looking for a ground for flat up to £305k and identified one close by in Hook I like with a park and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Hook suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce 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 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Hook conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Hook conveyancing firm who can help.
An example of a Lease Extension decision for a Hook property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.
Are there common problems that you come across in leases for Hook properties?
There is nothing unique about leasehold conveyancing in Hook. All leases are individual and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall A provision to repair to or maintain parts of the property
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.
What if there is an issue with the searches carried out as part of our conveyancing in Hook?
Usually, most problems arising from Hook conveyancing search responses can be addressed ahead of completion or indemnity insurance can be obtained. You should remember that even though you are buying the property and may be content to live with the search results, your lender may not, and when all said and done they have the word say.