Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Launceston so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for mortgage companies conduct their work via the post, e-mail or over phone calls. This enables them to undertake the conveyancing transaction regardless of where you live in the country. That being said you can see if you can still book an appointment to visit conveyancing lawyer if you prefer.
My wife and I are in the throws of viewing apartments in Launceston and I am about to put in an offer. Is it advisable to have my conveyancer on ‘stand by’? I am planning to take a home loan with Bank of Ireland.
It would be advisable to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are getting a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.
It is not clear whether my bank requires a lease extension. I have telephoned my Launceston building society branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Launceston conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The solicitor has to follow the Council of Mortgage Lenders’ Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
UBS have agreed my home loan in principle, my offer on a house in Launceston has been accepted, what are the next steps?
Your property agent will want to be informed of your conveyancer's details (be sure the conveyancers are on the bank’s approved list). Call up UBS or your broker and complete any appropriate documentation. UBS will appoint a valuer who will get in contact with the selling agent or vendor to book an appointment. Once carried out (assuming no problems) it takes on average a fortnight to receive the mortgage offer. UBS will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Launceston.
What will a local search reveal regarding the property we're purchasing in Launceston?
Launceston conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search is essential in every Launceston conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
How does conveyancing in Launceston differ for newly converted properties?
Most buyers of new build property in Launceston approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Launceston typically 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 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 Launceston or who has acted in the same development.
Am I best advised to appoint a Launceston conveyancing lawyer who is local to the property I am buying? I have an old university friend who can handle the legal work but her office is 400miles away.
The benefit of a local Launceston conveyancing firm is that you can pop in to sign paperwork, deliver your ID and pester them where appropriate. Having local Launceston know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were happy that must surpass using an unfamiliar Launceston conveyancing solicitor just because they are round the corner.
I've recently bought a leasehold property in Launceston. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 1 bedroom flat in Launceston, conveyancing having been completed 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Launceston with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease comes to an end on 21st October 2074
With only 53 years remaining on your lease the likely cost is going to range between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.