My home in Worplesdon is up for sale and I have a purchaser. Does my property lawyer have to be on the Bank of Ireland conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Bank of Ireland conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
Can you point me to a directory of RBS panel solicitors in Worplesdon on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings visible on the web. Where you are looking for a Worplesdon solicitor on the RBS please use our facility.
The mortgage over my property is with Skipton for my property in Worplesdon. Conveyancing has been completed months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Skipton?
You must advise Skipton prior to renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Skipton directly. You need not do this via a Skipton conveyancing panel solicitor.
I am selling my flat. I had a double glazing fitted in November 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, RBS are being pedantic. The Worplesdon solicitor who is on the RBS conveyancing panel is recommending indemnity insurance as a solution but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Worplesdon differ for newly converted properties?
Most buyers of new build or newly converted property in Worplesdon contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because builders in Worplesdon usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Worplesdon or who has acted in the same development.
I was pointed in your direction by numerous property agents in Worplesdon to choose a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to market your services over and above alternative conveyancing organisations?
We don’t offer any referral fee for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Do you have any advice for leasehold conveyancing in Worplesdon from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Worplesdon can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ representatives. You may think that you are aware of the number of years left on your lease but you should verify this by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is under 75 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. The majority of freeholders or Management Companies in Worplesdon levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Worplesdon. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Worplesdon state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the approvals in place you should not communicate with the landlord without contacting your solicitor in the first instance.
Leasehold Conveyancing in Worplesdon - Sample of Queries before buying
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Does the lease contain onerous restrictions? Are any of leasehold owners in dispute over their service charge payments? What is the maintenance charge and ground rent on the flat?
We own a leasehold flat in Worplesdon. Conveyancing was completed in five years ago. I have been told that I should not let the lease length fall too low. Why is that a problem?
Worplesdon leasehold properties are for a prescribed period - usually just under one hundred years when they are first granted. However many appartments in Worplesdon were constructed or converted in the 70’s80’s and so such leases now have fewer than 80 years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage institutions tend to need leases to have a minimum of 75 years remaining to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are getting close to eighty years. To enhance the marketability of your property you should be considering whether or not to extend your lease long before you come to sell it. Furthermore strong financial reasons to taking action before the lease reaches even eighty years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.