My bid for a property was accepted at auction in Ryde. Conveyancing is required. What happens now?
Now that you have exchanged you now have to instruct a conveyancing lawyer soon as you are facing a fast approaching deadline in which to complete the deal. An auction property will have a corresponding legal set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You must pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in place to complete on the on the contractual date .
I am purchasing a 3 bedroom semi in Ryde. The intention is to an extension at the rear at the property.Will legal due diligence on the property include checks to determine if these alterations were previously refused?
Your property lawyer should check the deeds as conveyancing in Ryde will on occasion identify restrictions in the title deeds which restrict certain alterations or need the permission of a 3rd party. Many extensions call for local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
About to purchase house in Ryde. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Ryde conveyancing practitioner is on the Principality conveyancing panel.
It has been 3 months following my purchase conveyancing in Ryde completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a property in Ryde prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some lenders tend refuse to give a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ryde. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ryde to see if the conveyancing costs will increase in light of this.
I am 17 days into a residential purchase having been recommend to solicitors by the estate agent to do our conveyancing in Ryde. We are not happy. Could you help me find new conveyancers?
A conveyancer would have to be really poor to suggest diss instructing them. Has the mortgage been generated? In the event that it has you need to inform them of the new solicitor and get the loan are re-issued. The solicitor ideally should be on the mortgage company approved list to avoid supplemental charges and complications. That should be your starting point. The search tool will assist you in finding a lender approved solicitor for your conveyancing in Ryde
I am attracted to a two flats in Ryde both have about forty five years unexpired on the lease term. Do I need to be concerned?
There are plenty of short leases in Ryde. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorates and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I purchased a basement flat in Ryde, conveyancing was carried out in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Ryde with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2082
With just 57 years remaining on your lease we estimate the price of your lease extension to range between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Why am I unable to complete our conveyancing in Ryde on Good Friday?
Because on completion the money will be transferred electronically between the banks of the purchaser and owner’s property lawyer and at present this can only take place on a working day. It is not possible to complete on a saturday or sunday either.