I am hoping to receive a mortgage offer from Santander. I intend to enlist the help of a Licensed Conveyancer in Bodmin. Does the Santander Conveyancing panel exclude conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Is it realistic for conveyancing in Bodmin to be completed inside 10 days?
Where the seller is applying a tight deadline for your conveyancing it is highly recommended that your lawyer is familiar with the area as they will make use of local contacts and intelligence. It is even conceivable that they would have handled previoushomes in the same street. You would be best advised to use a Bodmin conveyancing solicitor. In addition, double check that the conveyancing firm is on the lender panel. It is claimed that nearly one in five of Bodmin conveyancing deals are delayed or jeopardised after finding out that a purchaser’s conveyancer was not on their banks member panel. This can often result in the home move being frustrated by almost 21 days. It is claimed that this issue impacts in the region of one hundred thousand home moves every year. Most Bodmin conveyancing practices can not represent certain lenders so do check as early as possible.
About to place a bid on a leasehold apartment in Bodmin. The selling agents assure me that it is usual for flats in Bodmin to have less than 75 years left on the lease. I am taking out a loan with Tesco Bank. Is this going to be acceptable if the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 27/11/2020 the requirements read as follows :
We're first time buyers - agreed a price, yet the property agent advised that the vendor will only proceed if we use their preferred solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor used to conveyancing in Bodmin
It is improbable the sellers are driving this. If they desire ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Contact the owners directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you are going to use your preferred Bodmin conveyancing lawyers - rather thanthose that will earn the negotiator at the agency a referral fee or hit his conveyancing figures demanded by head office.
Last May I purchased a leasehold property in Bodmin. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 2 bed flat in Bodmin, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Bodmin with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease ends on 21st October 2086
With just 66 years unexpired we estimate the price of your lease extension to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.