I'm the sole recipient of my late mum's estate with all property in now in my sole name, including the my former home in Shaftesbury. The Shaftesbury property was put into my name in December. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in December. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view mortgage companies take of it, depend on the bank as this provision is primarily there to pick up on the purchase and immediately sell or the flipping of property.
I am currently in the process of buying my council flat in Shaftesbury. I have a mortgage offer with Santander. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
I have a mortgage with Lloyds for my property in Shaftesbury. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Lloyds?
You must advise Lloyds prior to letting out your property as this is likely to be a breach of Lloyds’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel firm.
Due to the guidance of my in-laws I had a survey completed on a house in Shaftesbury in advance of appointing solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies may not issue a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shaftesbury. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shaftesbury to see if the conveyancing costs will increase in light of this.
Taking into account that I will soon part with hundreds of thousands of pounds on 3 bedroom house in Shaftesbury I would like to have a conversation with the solicitor about myhouse move in advance of instructing the firm. Is this something that you can arrange?
This is something that we recommend - we would be pleased to talk to you we do not take any clients on without you liaising with the lawyer who will be doing your conveyancing in Shaftesbury.There is no ‘factory style conveyancing’ - every client is unique person, not a matter number. The practices that we put you in touch with believe that the fees you are quoted for residential conveyancing in Shaftesbury should be the amount on the final invoice that you are charged.
In my capacity as executor for the estate of my father I am selling a property in Neath but live in Shaftesbury. My conveyancer (based 300 kilometers awayneeds me to execute a statutory declaration ahead of completion. Could you suggest a conveyancing solicitor in Shaftesbury to witness and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Shaftesbury based
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Shaftesbury. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Shaftesbury ?
The majority of houses in Shaftesbury are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Shaftesbury so you should seriously consider shopping around for a Shaftesbury conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I own a split level flat in Shaftesbury, conveyancing formalities finalised 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Shaftesbury with over 90 years remaining are worth £192,000. The ground rent is £55 invoiced annually. The lease terminates on 21st October 2076
With just 54 years remaining on your lease we estimate the price of your lease extension to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
Why do I have to provide my lawyer with numerous items of ID ahead of starting selling or buying a property in Shaftesbury?
Shaftesbury conveyancing practitioners are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to certify that the have checked the identity of their clients. It will also be a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to SDLT and need to have information such as your full names, NI number and DOB.