I am expecting a mortgage with Nat West. I intend to retain the legal services of a Licensed Conveyancer in Selsey. Does the Nat West Solicitor panel include conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
What is the best way to find out if the solicitor carrying out my conveyancing in Selsey is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Birmingham Midshires thus spending £175.00 in another set of legal invoice.
You should make use of the search tool on this web page. Pick the mortgage company and type ‘Selsey’ or your location and you will see numerous conveyancers based in Selsey or nearest you.
My uncle advised me that in purchasing a property in Selsey there could be various restrictions prohibiting external alterations to the property. Is this right?
There are a number of properties in Selsey which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Selsey should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Selsey building society branch on various occasions and was advised it wasn't an issue and they would lend. My Selsey conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
Provided that the solicitor is on the bank approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Selsey solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality 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. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Selsey postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Selsey.
What will a local search inform me concerning the property we're purchasing in Selsey?
Selsey conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company such as PSG The local search plays a central role in many a Selsey conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications applicable 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 subject headings.
I have been on the look out for a flat up to £305k and identified one near me in Selsey I like with a park and railway links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Selsey in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I've recently bought a leasehold house in Selsey. Am I liable to pay service charges relating to a period prior to 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).
I acquired a leasehold flat in Selsey, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Selsey with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2093
With only 68 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive 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 you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.