We're in Bowthorpe, First time buyers buying with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it the case that all Bowthorpe solicitor practices on the Kent Reliance conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Kent Reliance approved list of solicitors they would need to be regulated by the SRA. The majority of banks do permit licenced conveyancers on their panel and in that case the practice would be overseen by the CLC.
I had a mortgage agreed in principle with Bank of Ireland. Bowthorpe conveyancing lawyers are chosen. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
Some lenders take longer than others. Have Bank of Ireland done the valuation? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
After what seems like an age I have had an offer on an apartment in Bowthorpe agreed to, the owners do nevertheless have an associated purchase. The owners have offered on on an apartment, however it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a local conveyancing solicitor in Bowthorpe. What do I do now? When should I get the mortgage application with Clydesdale going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of £1k, then survey, Bowthorpe conveyancing search charges, etc). The first thing to do is ensure that your conveyancer is on the Clydesdale conveyancing panel. Concerning the next phase this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. During a buoyant market some home buyers would apply for the mortgage with Clydesdale and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to proceed with searches.
Me and my brother purchased a renovated Edwardian house in Bowthorpe. Conveyancing solicitor represented me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Leeds Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be 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 Bowthorpe and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who conducted the purchase.
I'm purchasing a new build house in Bowthorpe with a mortgage from Skipton Building Society. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my conveyancer about this extras as it could put at risk my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Estate agents have just been given the go-ahead to market my ground floor apartment in Bowthorpe. Conveyancing lawyers have not yet been instructed, however I have just received a half-yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal given that all rents and maintenance payments should be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a leasehold flat in Bowthorpe, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bowthorpe with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2070
With only 52 years unexpired we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as costs.
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 comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be 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 move forward placing reliance on this information before seeking the advice of a professional.