We're in Ripley, First time buyers purchasing with a mortgage (lender is TSB , and our lawyer is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer 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 the case that all Ripley solicitors on the Santander conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Santander conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
We previously appointed solicitors based in Ripley on the RBS solicitor approved list. They have just invoiced me a supplemental fee for dealing with the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Provided it is contained in their Terms of Engagement or Quote then yes your property lawyer is entitled to levy a fee for this. The fee is not dictated by RBS but by your Ripley lawyer. Numerous firms on the RBS panel will charge an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
Nottingham have agreed my mortgage in principle, my bid on a flat in Ripley has been agreed to, what happens next?
The property agent will need to know who your solicitors are (ensure that the conveyancers are on the lender’s panel). Call up Nottingham or the broker and finalise any appropriate paperwork. Nottingham will instruct a valuer who will get in contact with the selling agent or vendor to arrange a slot for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Nottingham will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ripley.
What can a local search inform me regarding the house I am purchasing in Ripley?
Ripley conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for example PSG The local search is essential in every Ripley conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Ripley?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Ripley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Ripley differ for newly converted properties?
Most buyers of new build premises in Ripley come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Ripley typically acquire 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 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 used to new build conveyancing in Ripley or who has acted in the same development.
I am looking for a flat up to £305k and found one near me in Ripley I like with a park and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Ripley for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.