We're in Newent, FTBs buying with a mortgage (lender is RBS , and our solicitor is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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.
Is it necessary to pay for insurance to address the risk of chancel repairs when purchasing a residence in Newent?
Unless a prior acquisition of the house completed post 12 October 2013 you may take it that lawyers delivering conveyancing in Newent to continue to advocate a chancel search and or insurance against a claim.
I completed on my apartment on 13 April and the transaction details is yet to be registered. Any reason for this? My conveyancing solicitor in Newent expressed confidence that it will be registered in a couple of weeks. Are transfers in Newent particularly slow to register?
As far as conveyancing in Newent registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can differ according to who lodges the application, whether it is in order and whether the Land registry must send notices to any other parties. At present approximately 80% of such applications are completed within two weeks but some can be subject to extensive hold-ups. Registration takes place once the new owner is living at the premises so post completion formalities is not typically top priority yet if there is a degree of urgency associated with the registration then you or your lawyers must communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Newent differ for new build properties?
Most buyers of new build property in Newent contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because builders in Newent tend to purchase the land, 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 Newent or who has acted in the same development.
I'm converting the mortgage on my existing home to a buy to let loan with Bank of Scotland and intend to use the remaining equity as a down payment on further property. The area we are interested in is Newent. Will your solicitors be able to act for the two banks and link together the conveyances?
Make use of our comparison tool on this site to be sure that the solicitors are approved by both banks. Assuming that they are your lawyer will be able to connect the two transactions but you should talk with you lawyer and specify your desired outcome and requirements.
I am attracted to a couple of flats in Newent which have in the region of forty five years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Newent is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Newent conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a 1st floor flat in Newent, conveyancing formalities finalised March 2008. 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? Comparable flats in Newent with an extended lease are worth £202,000. The ground rent is £60 charged once a year. The lease ends on 21st October 2078
You have 57 years remaining on your lease the likely cost is going to be between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.