Me and my wife are acquiring a leasehold flat in Lightwater. My Solicitor is not listed on the mortgage company conveyancing list. Am I still permitted to retain my Lightwater conveyancing solicitor even though they are not on the bank list of approved lawyers?
You have numerous alternatives available to you here
- Carry on with your existing Lightwater property lawyer but your lender will no doubt appoint a property lawyer from their approved list. The net result is additional cost together with probable delay.
- Get a new solicitor to act in the purchase, making sure they are on the bank conveyancing panel.
- Convince your lawyer to do everything within their powers to join the bank’s conveyancing panel
I am need of leasehold conveyancing for a flat in a relatively new development (five years old) in Lightwater. The vast majority the appartments are already sold. Is it strictly necessary to order conveyancing searches for my conveyancing in Lightwater?
If you getting a loan, your bank will insist on some (many) of the searches so you'll have no choice. If not, then Lightwater conveyancing searches are optional. Your solicitor, will ’encourage’, perhaps in the strongest possible terms, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or it may be necessary to find a new lawyer for your conveyancing in Lightwater.
We're in Lightwater, First timers purchasing with a mortgage (lender is Bank of Ireland , and our solicitor is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor 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.
My wife and I are at the point of viewing houses in Lightwater and I am about to put in an offer. Should I already have a property lawyer appointed at this stage? I am planning to take a home loan with Skipton.
It would be prudent 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 EA. As you are getting a mortgage with Skipton, ask your prospective lawyers if they are on the Skipton conveyancing panel otherwise they can't do the mortgage legal work.
I have a mortgage with Virgin Money for my property in Lightwater. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Virgin Money must be informed of your intention in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money 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 Virgin Money directly. You need not do this via a Virgin Money conveyancing panel solicitor.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Lightwater building society branch on a couple of occasions and was reassured it wasn't an issue and they would lend. My Lightwater conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. 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.
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Lightwater. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Lightwater ?
Most houses in Lightwater are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Lightwater so you should seriously consider shopping around for a Lightwater conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
I inherited a garden flat in Lightwater, conveyancing having been completed October 2002. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Lightwater with a long lease are worth £165,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2102
With 77 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
I am looking to purchase a repression property in Lightwater and the mortgagee in possession would like to complete within a week. Can a conveyancing practitioner complete in this timeframe? Am I best advised to instruct a local Lightwater firm or an online firm that advertises to offer speedy conveyancing?
Visit your Lightwater high street. Pop in to a couple of solicitor’s offices and ask to see a conveyancing solicitor for an estimate. Explain your requirements and get a commitment on time frames. Select the one that appears most trustworthy. You need to choose a solicitor on the panel of conveyancing practitioners acceptable to your lender.