I decided to go with a local lawyer for our conveyancing in Kempshott yesterday. Going through the official terms of business it is apparent thatwe are on the hook for costs even if the movedoes not proceed. Would I be best advised to use an on-line solicitor practice offering no completion no cost conveyancing in Kempshott?
Generally there is a compromise along the lines that if "No Sale No Fee" is advertised then the conveyancing charges will generally be more expensive to counteract those conveyances that do not go ahead. Please beware that these schemes rarely cover expenses such as Kempshott conveyancing search fees.
Is there a reason why leasehold purchase conveyancing in Kempshott costs more?
The conveyancing costs on a leasehold property in Kempshott is inevitably higher than on a freehold property. This is due to the supplemental work required in liaising with the freeholder and managing agents to collate the information about whether the rent and service charges have been cleared and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
We're in Kempshott, First time buyers buying with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money 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.
A friend informed me that in buying a property in Kempshott there may be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of anumerous of properties in Kempshott which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Kempshott should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have a mortgage with Skipton for my property in Kempshott. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
You must advise Skipton in advance of renting your property as this is likely to be a breach of Skipton’s mortgage conditions. It may be that Skipton 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 Skipton directly. You need not do this via a Skipton conveyancing panel lawyer.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Kempshott solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Kempshott postcode. As you are getting a mortgage with Kent Reliance, you could contact them to see if they have a list of approved surveyors in Kempshott.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Kempshott. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Kempshott
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Kempshott I like with open areas and transport links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Kempshott suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.