My bid for a property was accepted at auction in Theale. Conveyancing is necessary. What are my next steps?
Now that you have for all intents and purposes signed on the dotted line you must choose a conveyancing solicitor quickly as you will have a fast approaching a drop dead date to complete the deal. All auction property should have a corresponding legal pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the conveyancing papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should hand this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in place to complete the transaction on the set completion date.
I am purchasing a property in Theale. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham be concerned?
As your lender is Nottingham your lawyer must follow the formal requirements outlined in Part two of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Nottingham where a lease does not comply with these conditions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Theale.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Theale building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My Theale conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancer is on the lender panel, they must adhere to the CML Handbook specifications 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.
We are close to exchanging contracts on the sale of our property in Theale and according to the buyers it appears that there is a possibility that the property was built on contaminated land. A high street Theale conveyancer would know this is not the case. It does beg the question why the purchasers used an internet conveyancing outfit rather than a conveyancing solicitor in Theale. Having lived in Theale for 4 years we know of no issue. Do we get in touch with our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Theale I like with amenity areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Theale in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the shortness of the lease will be an issue. Reduce the offer by the amount the 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 could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Do I need to be wary about brokers that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Theale conveyancing firm?
As with many service providers, often recommendations from family and friends can be worth their weight in gold. Yet there are numerous players in a conveyancing deal; estate agents, mortgage brokers and lenders might all suggest conveyancers to use. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You have the right to select your preferred conveyancer. Don't forget that most lenders specify a panel list of lawyers you are obliged to use for the lender related work in your transaction.
I need to instruct a conveyancing solicitor for sale conveyancing in Theale. I have chance upon a site which looks to be the ideal solution If it is possible to get all this stuff done via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Having had my offer accepted I require leasehold conveyancing in Theale. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Theale - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a ground floor flat in Theale, conveyancing was carried out 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Theale with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2080
With 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.