My husband and I are planning to purchase a house in Ramsgate and have appointed a Ramsgate conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this morning contacted us to advise us that they have now hit a problem as our Ramsgate conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ramsgate lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
At what point will exchange of contracts happen for purchase conveyancing in Ramsgate and am I required to attend the lawyers branch?
If you are near to our conveyancing solicitors in Ramsgate you are welcome to attend to sign contracts. That being said, the lender approved solicitors we work with offer a nationwide conveyancing service and provide as equally comprehensive and professional a job for you when dealing with you digitally. The signing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the solicitor to officially exchange at the suitable time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Ramsgate)to be in the office at the appropriate time.
I am expecting a DIP from Co-operative this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any Ramsgate solicitors on the Co-operative conveyancing panel, or is it better to go independently?
You will need to appoint Ramsgate solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
I have decided to exercise my right to buy my property in Ramsgate off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
I have instructed a Ramsgate solicitor having made sure that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ramsgate surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I require expedited conveyancing in Ramsgate as I have an ultimatum to sign on the dotted line in less than 2 weeks. Thankfully I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not getting a home loan you have the choice not to do searches although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Ramsgate the following are examples of issues that can be revealed and adversely impact future mortgageability: Refused Planning Applications, Overdue Charges, Outstanding Grants, Railway Schemes,...
I am buying my first flat in Ramsgate benefiting from help to buy. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not disclose to my conveyancer about this deal as it could affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Ramsgate. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Ramsgate are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Ramsgate so you should seriously consider shopping around for a Ramsgate conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I purchased a leasehold flat in Ramsgate, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Ramsgate with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2090
With 65 years left to run the likely cost is going to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending 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 you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.