My husband and I are approaching an exchange on a house in Petersfield and my mum and dad have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
Your lawyer is obliged to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We're in Petersfield, FTBs buying with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS 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.
Can you point me to a directory of Leeds Building Society panel conveyancers in Petersfield on the Building Society Association’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings viewable online. Where you are in need of a Petersfield conveyancer on the Leeds Building Society please use our facility.
Can I be sure that the Petersfield conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Petersfield obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your transaction.
I have finally had an offer on a flat in Petersfield agreed to, but there is a chain. The sellers have placed an offer on somewhere, but it’s not yet agreed to, and have viewings of other properties in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Petersfield. What do I do now? When do I get the mortgage application with TSB going?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx £1k, then valuation, Petersfield conveyancing search fees, etc). The first thing to do is check that your property lawyer is on the TSB conveyancing panel. Concerning the subsequent phase this very much dictated by the uniqueness of your transaction, desire for the property and on the state of the market. In a hot market the majority of buyers would apply for the mortgage with TSB and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Petersfield.
Various internet forums that I have come across warn that are the primary reason for delay in Petersfield house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Petersfield.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Petersfield I like with open areas and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Petersfield in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the shortness of the lease will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I own a leasehold flat in Petersfield. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Petersfield who acted for me is not around. Any advice?
First contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Petersfield conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a 1 bedroom flat in Petersfield, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable properties in Petersfield with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2088
With just 63 years unexpired the likely cost is going to span between £16,200 and £18,600 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.