Having sold my house in Mountsorrel last October yet the purchaser is Skype messaging daily to say their solicitor is waiting to hear from myconveyancer. What are the post completion sale formalities following completion?
Following your disposal your lawyer is duty bound to send the transfer deeds and all supplemental paperwork to the purchaser's lawyers. Depending on the transaction, your lawyer must also evidence that the home loan has been paid off to the purchasers conveyancers. There is unlikely to be post completion steps peculiar conveyancing in Mountsorrel.
We are planning to buy with Melton Mowbray Building Society. We have called around locally but am struggling to find a Mountsorrel conveyancing firm on the Melton Mowbray Building Society panel. Please you help?
Please do make use of the search tool on this web page. Please choose the lender and type Mountsorrel or your location and you will see a number of lawyer offices in Mountsorrel or by proximity to you.
I have today made my last payment due on my mortgage with Lloyds. I assume I don't need a Mountsorrel solicitor on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
The mortgage over my property is with Aldermore for my property in Mountsorrel. Conveyancing was finalised some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
You must advise Aldermore prior to letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
RBS have agreed my home loan in principle, my offer on a flat in Mountsorrel has been agreed to, what are the next steps?
Your property agent will wish to know who your solicitors are (be sure the property lawyers are on the bank’s panel). Call up RBS or your broker and finalise any outstanding documentation. RBS will instruct a valuer who will get in contact with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. RBS 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 Mountsorrel.
I know that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a residence in Mountsorrel? or Apparently there is historic law that could mean that owners of property residing in a parish church boundary will be compelled to pay for repairs towards the chancel within the church. Is this appropriate for conveyancing in Mountsorrel?
Unless a prior purchase of the house took place after 12 October 2013 you could expect conveyancing practitioners delivering conveyancing in Mountsorrel to remain recommending a chancel search and or chancel repair liability policy.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Mountsorrel is where the house is located. Can you offer any guidance?
Flying freeholds in Mountsorrel are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mountsorrel you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mountsorrel 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 premises.
Are there common defects that you encounter in leases for Mountsorrel properties?
Leasehold conveyancing in Mountsorrel is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
A provision for the recovery of money spent for the benefit of another party.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I bought a garden flat in Mountsorrel, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Mountsorrel with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2076
With just 55 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.