We're in Tewkesbury, First time buyers buying with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
It has been 4 months following my purchase conveyancing in Tewkesbury completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 residence 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.
I am purchasing my first flat in Tewkesbury with the aid of help to buy. The developers refused to move on the amount so I negotiated £7000 of extras instead. The property agent advised me not to tell my lawyer about the extras as it would jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the encouragement of my in-laws I had a survey completed on a property in Tewkesbury ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some banks will refuse to issue a mortgage on this type of property.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you contact us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Tewkesbury. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tewkesbury to see if the conveyancing will be more expensive.
My company is looking to take over a lease of an office on the high street. Can you recommend solicitors offering no-move-no fees for commercial conveyancing in Tewkesbury for under 1500k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Tewkesbury, including the sale and acquisition of businesses as well as simply property. If you are hoping to buy or dispose of a shop, pub, restaurant, office, retail premises or a whole business we can find you the right firm. Regarding the fees these will vary based on the structure and heads of terms of the deal. Let us have your details or call so as to enable us to supply you with a detailed commercial conveyancing quote.
Are there frequently found problems that you come across in leases for Tewkesbury properties?
There is nothing unique about leasehold conveyancing in Tewkesbury. Most leases are individual and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Leeds Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
I acquired a ground floor flat in Tewkesbury, conveyancing having been completed in 1995. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Tewkesbury with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease ceases on 21st October 2078
With just 54 years unexpired the likely cost is going to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs 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 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.