My bid for a property was accepted at auction in Wooler. Conveyancing is needed. What are my next steps?
Having exchanged you must retain a conveyancing solicitor soon as you are facing a pending a drop dead date to complete the purchase. Every auction property will ordinarily have an associated legal pack. This should include evidence of title and search results. In the case of leasehold premises the auction pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You should give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in order to complete on the on the contractual date .
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Wooler conveyancing practitioner on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I have decided to exercise my right to buy my property in Wooler off the council. I have a mortgage offer with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
Me and my brother own a renovated Edwardian house in Wooler. Conveyancing solicitor represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the exact same property. Is it worth asking Norwich and Peterborough Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wooler and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing lawyer who completed the work.
How does conveyancing in Wooler differ for new build properties?
Most buyers of new build or newly converted property in Wooler come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Wooler typically purchase 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 used to new build conveyancing in Wooler or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and found one round the corner in Wooler I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Wooler suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
Do I need to be concerned that estate agents that I am dealing with are recommending a national conveyancing firm as opposed to a High Street Wooler conveyancing practice?
As with many professional services, often recommendations from connections can be very helpful. Nevertheless there are lots of people with a vested interest in a conveyancing matter; estate agents, financial adviser and mortgage companies might all suggest conveyancers to retain. On occasion these conveyancers 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 are at liberty to appoint your preferred conveyancer. Don't forget that the majority of lenders specify a panel list of conveyancers you have to use for the lender related work in your house move.