I have given 8 weeks notice to my current landlord and must leave my rented apartment in Warsash by 18/6/2021. Conveyancing on my purchase is underway. Is it possible to complete in six weeks as don't want to have to find short term accommodation?
It is unwise to give notice on a rental until you have exchanged. Assuming that you have not previously done so, notify to your lawyer and request that they apply pressure on the sellers solicitors, try to get a realistic time scale from them that all parties will look towards
Can you clarify what the consequences are if my solicitor is expelled from the Lloyds Conveyancing panel ahead of completing my conveyancing in Warsash?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We are purchasing a house in Warsash. It might be a silly question but how we can trust a lawyer? On completion day we have to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Leeds Building Society have agreed my home loan in principle, my bid on a flat in Warsash has been accepted, now what?
Your estate agent will want to be advised as to your property lawyer's details (ensure that the property lawyers are on the bank’s approved list). Contact Leeds Building Society or the broker and complete any outstanding paperwork. Leeds Building Society will instruct a valuer who will get in contact with the selling agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Leeds Building Society will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Warsash.
I have finally had an offer on a flat in Warsash agreed to, but there is a chain. The vendors have placed an offer on on an apartment, but it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a nearby conveyancing solicitor in Warsash. What do I do now? When should I get the mortgage application with Lloyds started?
It is usual to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then valuation, Warsash conveyancing search costs, etc). The first course of action is to check that your conveyancer is on the Lloyds conveyancing panel. Concerning the subsequent steps this very much dictated by the circumstances of your case, desire for this property and on the state of the market. In a rising market the majority of buyers would apply for the mortgage with Lloyds and arrange for the valuation and only if it comes back ok would they ask their conveyancing practitioner to press on with searches.
Various online forums that I have visited warn that are the number one cause of obstruction in Warsash conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Warsash.
I have been sourcing a conveyancing practitioner in Warsash for my house move. Can I see a solicitor's complaints history with the profession’s regulator?
One may search for published Solicitor Regulator Association (SRA) decisions stemming from investigations started on or after Jan 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator could recorded call for training requirements.
I've found a house that appears to meet my requirements, at a great price which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Warsash. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Warsash are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Warsash so you should seriously consider looking for a Warsash conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I own a studio flat in Warsash, conveyancing was carried out 3 years ago. How much will my lease extension cost? Corresponding flats in Warsash with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2099
With just 78 years remaining on your lease we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure 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 additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.