My partner and I are intent on buying residence in Pitstone. My Solicitor is not listed on the lender solicitor list. Is it possible for me to appoint my Pitstone conveyancing solicitor notwithstanding that they are excluded from the lender panel?
You have a number of options open to you here
- Complete the deal with your existing Pitstone conveyancer but your lender will need to instruct a conveyancing practitioner from their conveyancing panel. This will result in additional fees and potential frustration.
- Appoint a new property lawyer to act in the purchase, obviously checking they are on the mortgage company conveyancing panel.
- Convince your property lawyer to seek to join the mortgage company panel
I happen to be the single beneficiary of my late mum's estate and I have everything in my name now, including the house in Pitstone. Conveyancing formalities meant that the Land Registry date was in May. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship will be considered the same way as if I'd bought the property in May. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view lenders take of it, depend on the bank as this clause primarily exists to identify subsales or the flipping of properties.
I have decided to exercise my right to buy my property in Pitstone off the council. I have a mortgage agreed with Kent Reliance. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
The mortgage over my property is with Aldermore for my property in Pitstone. Conveyancing was finalised some time 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 BTL mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval 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 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 Aldermore directly. You need not do this via a Aldermore conveyancing panel solicitor.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a property in Pitstone?
Unless a previous purchase of the premises took place post 12 October 2013 you can take it that solicitors handling conveyancing in Pitstone to continue to suggest a chancel search and or chancel repair liability policy.
How does conveyancing in Pitstone differ for new build properties?
Most buyers of new build or newly converted property in Pitstone come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because house builders in Pitstone usually acquire 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 conveyancing solicitors 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 Pitstone or who has acted in the same development.
We are a fortnight into a leasehold purchase having been referred to a firm by the estate agent to perform conveyancing in Pitstone. I am am starting to be dissatisfied with the level of service. Could you you assist me in finding new lawyers?
They would have to be very poor to suggest replacing them. Has your mortgage been sent? In the event that it has you must inform them of the new contact details and ensure the loan are re-issued. Your new solicitor ideally needs to be on the banks panel to avoid supplemental expenses and delays. That should be your first question of the new lawyers. Our search tool will assist you in finding a bank approved solicitor for your conveyancing in Pitstone
Last December I purchased a leasehold flat in Pitstone. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 be sure 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).
Pitstone Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
-
The answer will be helpful as a) areas could cause problems for the building as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leasehold owners have an issue with the running of the building you will need to have all the details Where a Pitstone lease has less than 80 years it will have adverse implications on the value of the apartment. Check with your bank that they are content with remaining years on the lease. A short lease means that you will most likely require a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you will be required to have owned the property for 24 months in order to be entitled to carry out a lease extension. How is the lease structured?