We're in Hungerford, FTBs buying with a mortgage (lender is Skipton , and our solicitor is on the Skipton conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Skipton 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.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Hungerford. Do I pick up the keys to the property on the completion date from my lawyer? If so, I will appoint a local conveyancing solicitor in Hungerford?
On the day of completion you do not need to go to the conveyancers office in Hungerford. Conveyancing lawyers for you will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you should be called to collect the keys from the selling Agents and start moving into the property. Usually this occurs between 1 and 3pm.
My wife and I purchasing a victorian detached house in Hungerford. Our aim is to carry out a loft conversion at the house.Will the conveyancing process involve investigations to see if these alterations are prohibited?
Your conveyancer will review the deeds as conveyancing in Hungerford will occasionally reveal restrictions in the title documents which restrict categories of changes or necessitated the permission of another owner. Certain extensions require local authority planning permissions and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor before you commit yourself to a purchase.
I'm the only beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Hungerford. The Hungerford property was put into my name in June. I want to move. I do know about the CML six month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the house in June. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How sensible a view banks take of it, depend on the mortgage company as this obligation is primarily there to capture the purchase and immediately sell or the wholesaling and assigning of property.
How does conveyancing in Hungerford differ for new build properties?
Most buyers of new build premises in Hungerford contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Hungerford usually purchase the site, 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 property lawyers 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 accustomed to new build conveyancing in Hungerford or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Hungerford is the location of the property. What do you suggest?
Flying freeholds in Hungerford are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hungerford you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hungerford 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 property.
How simple is it to transfer to a new solicitor as I have to select one who is on the Godiva Mortgages Ltd conveyancing list. I had appointed a high street conveyancing solicitor in Hungerford five minutes from me but the firm is not approved by Godiva Mortgages Ltd
It would be our pleasure to assist you find a conveyancing solicitor in Hungerford on the Godiva Mortgages Ltd panel. Please note that the conveyancers that we on the directory do not pay us a referral fee if you instruct them and are under regulation of the Solicitors Regulation Authority who regulate all conveyancing solicitors in Hungerford. In making use of the find a conveyancing solicitor tool on this site, you can contrast fees for conveyancing solicitors in Hungerford and throughout England and Wales.
Are there frequently found defects that you see in leases for Hungerford properties?
Leasehold conveyancing in Hungerford is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A provision for the recovery of money spent for the benefit of another party.
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Royal Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I own a leasehold flat in Hungerford, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Hungerford with a long lease are worth £191,000. The ground rent is £55 per annum. The lease finishes on 21st October 2077
With just 53 years left to run the likely cost is going to span between £27,600 and £31,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.