I can't travel far from Ravenshead. Is there a reason why all Ravenshead conveyancers are not on all lender panels?
Even though it may seem unfair for mortgage companies to restrict who can act for them, from the public’s or lawyer’s perspective, the the contrary view is that banks are becoming ever more anxious and regard it necessary to shield themselves from mortgage fraud. As a result of this concern banks are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
I am hoping to complete my purchase in Ravenshead next Monday. My lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not unique to conveyancing in Ravenshead.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a garden flat in Ravenshead. Do I pick up the keys to the premises on completion from my conveyancer? If so, I will appoint a local conveyancing solicitor in Ravenshead?
On the day of completion you do not need to attend the conveyancers office in Ravenshead. Your solicitors will transfer the purchase money to the owner’s lawyers, and once they have received this, you should be invited to collect the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
When it comes to mortgage companies such as Co-operative, do Ravenshead conveyancers have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
RBS have agreed my home loan in principle, my bid on a flat in Ravenshead has been accepted, now what?
The property agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Contact RBS or your financial adviser and finish off any appropriate forms. RBS will sellect a valuer who will get in touch with the estate agent or vendor to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a fortnight to get a mortgage offer. 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 Ravenshead.
I completed on my apartment on 16 May and my personal details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Ravenshead expressed confidence that it will be recorded inside ten days. Are titles in Ravenshead particularly slow to register?
There is nothing unique about conveyancing in Ravenshead registration formalities. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and whether the Land registry communicate with any other persons or bodies. Currently in the region of three quarters of such applications are fully dealt with in less than three weeks but some can be subject to protracted hold-ups. Registration is effected after the purchaser has moved in to the premises thus 'speed' is not always primary concern but if there is a degree of urgency associated with the registration then you or your conveyancer can speak with the land registry and explain the circumstances.
The estate agent has sent us the confirmation of our purchase of a new build flat in Ravenshead. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Ravenshead
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan.
I am a negotiator for a reputable estate agency in Ravenshead where we see a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Ravenshead conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a 2 bed flat in Ravenshead, conveyancing was carried out 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Ravenshead with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease finishes on 21st October 2101
With just 76 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.