We're in Taverham, First time buyers buying with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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.
My uncle advised me that in buying a property in Taverham there could be various restrictions prohibiting external changes to the property. Is this right?
There are a number of properties in Taverham which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Taverham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have paid off my mortgage with Skipton. I assume I don't need a Taverham lawyer on the Skipton panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
The formalities of my remortgage has taken place for my property in Taverham. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have been on the look out for a flat up to £235,500 and identified one close by in Taverham I like with a park and station nearby, the downside is that it's only got 51 years on the lease. There is not much else in Taverham in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I am using a search engine for the term conveyancing in Taverham it brings up many property lawyerslocally. How do I determine which is the suitable conveyancing solicitor for purchase transaction?
The best way of choosing the right conveyancer is through a personal recommendation, so enquire of friends and relatives who have acquired a property in Taverham or a respected estate agent or mortgage broker. Fees for conveyancing in Taverham differ, so it's a good idea to obtain a minimum of four fee estimates from different property lawyers. Dont forget to clarify what costs in the quote includes.
Looking forward to complete next month on a leasehold property in Taverham. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Taverham should include some of the following:
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Does the lease require carpeting throughout thus preventing wood flooring? You would want to receive a copy of the lease The unexpired lease term. You should receive guidance as what happens when the lease expires, and informed of the importance of the 80 year mark Does the lease prevent you from subletting the flat, or having a home office for business Who has the liability to repair and maintain the block. It is essential that you know which party is responsible the repair and maintenance of all parts of the block and communal areas
I am the registered owner of a split level flat in Taverham, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Taverham with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2090
With only 65 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. 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 based on this information without first getting professional advice.
We are looking to acquire a repression property in Taverham and the bank selling would like to complete inside a week. Can a lawyer complete in this timeframe? Am I best advised to use a local Taverham firm or an online company that advertises to complete quickly?
Visit your Taverham shopping parade. Pop in to two or three firms and request to see a conveyancing solicitor for an estimate. Discuss your requirements and try and obtain assurances on speed. Select the one that comes across as most efficient. You need to select a lawyer on the list of property lawyers who can act for your mortgage company.