I am buying residence in Wokingham. My Conveyancer has never been on on the lender conveyancing list. Is it possible for me to appoint my Wokingham conveyancing solicitor even though they are excluded from the mortgage company panel?
Your options include
- Proceed with your existing Wokingham conveyancing practitioner but your mortgage company will need to retain a conveyancing practitioner on their approved panel. The net result is additional fees together with probable interruption.
- Choose a fresh solicitor to conduct the conveyancing, obviously checking they are on the bank conveyancing panel.
- Appeal to your solicitor to attempt to join the mortgage company panel
We are about to sign contracts for a ground floor flat in Wokingham. We encountered a problem. Our mortgage offer with Barnsley Building Society runs out on 4/11/2024 but the vendors are insisting on a completion date of 6/11/2024. Can one extend the mortgage offer?
The person best placed to deal with your concern is your solicitors who should assess whether he or she is should be discussing with the lender, seller’s representatives, estate agents or conceivably all three given what has happend in your transaction to date.
My relative advised me that where I am purchasing in Wokingham I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Wokingham conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Wokingham around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Wokingham Education with maps and statistics, Local Amenities and other useful data about Wokingham.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Wokingham I like with a park and railway links in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Wokingham for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. 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. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I am a negotiator for a long established estate agent office in Wokingham where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Wokingham conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a 2 bed flat in Wokingham, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Wokingham with an extended lease are worth £260,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2098
With only 74 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
Do I stop my mortgage payments with HSBC as soon as a completion date for my home sale in Wokingham has been set?
You would be well advised to keep meeting any mortgage sums to HSBC pending the mortgage being discharged on completion as part of your Wokingham conveyancing.