We're in Little Oakley, FTBs buying with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
I am expecting a AIP from HSBC this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Little Oakley solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Little Oakley solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I recently had an offer agreed on an apartment in Little Oakley. My financial adviser pressured me to appoint their conveyancing practitioner. I paid an upfront payment of £150. Shortly after, the conveyancing practitioner contacted me to say that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Our offer on a house in Little Oakley has been accepted, the owners do nevertheless have an associated purchase. The owners have placed an offer on somewhere, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a local conveyancing solicitor in Little Oakley. What do I do now? When should I get the mortgage application with Co-operative started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then survey, Little Oakley conveyancing search costs, etc). First, you should ensure that your solicitor is on the Co-operative conveyancing panel. Concerning the next steps this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. During a rising market the majority of purchasers will apply for the mortgage with Co-operative and arrange for the valuation and only if it was satisfactory would they pay their property lawyer to proceed with searches.
How does conveyancing in Little Oakley differ for newly converted properties?
Most buyers of new build premises in Little Oakley come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Little Oakley 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 used to new build conveyancing in Little Oakley or who has acted in the same development.
I opted to have a survey carried out on a house in Little Oakley before retaining lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some banks tend not issue a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Little Oakley. Conveyancing may be slightly more expensive based on your lender's requirements.
I've recently bought a leasehold house in Little Oakley. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 invested in buying a ground floor flat in Little Oakley, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Little Oakley with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2081
With 55 years left to run the likely cost is going to span between £31,400 and £36,200 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
Is planning consent required to change a single dwelling into a couple of flats in Little Oakley? This has taken place to a property adjacent to my home in Little Oakley and was not aware of it happening until it was done.
Planning consent is required for splitting a single dwelling in Little Oakley into flats but probably not for converting once again to single dwelling-house so, simply put, yes,a it is needed.