I just bought a house at auction in Burford. Conveyancing is needed. What are my next steps?
Having exchanged you should find a conveyancing practitioner quickly as you are facing a fast approaching a drop dead date to complete the deal. Every auction property will have a bespoke auction set of papers. This should include evidence of title and search results. In the case of leasehold premises the legal pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You should hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
I have paid off my mortgage with Virgin Money. I assume I don't need a Burford conveyancing practitioner on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
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
Completion of my remortgage has taken place for my property in Burford. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Over the last few months I have been searching for a flat up to £305k and found one round the corner in Burford I like with open areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Burford in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Should I be suspicious about brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a High Street Burford conveyancing practice?
As is the case with lots of professional services, often recommendations from family and friends can be extremely useful or valuable. But there are numerous players in a conveyancing deal; estate agents, financial adviser and mortgage companies may recommend conveyancers to choose. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there might be a financial incentive behind the endorsement. You are at liberty to select your own conveyancer. You need to be aware that the majority of banks operate an approved list of lawyers you are obliged to use for the mortgage related work in your house move.
I have just started marketing my ground floor flat in Burford. Conveyancing solicitors are to be appointed soon, however I have recently received a yearly maintenance charge demand – what should I do?
The sensible thing to do is clear the service charge as you normally would given that all ground rent and maintenance payments will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer 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.
Leasehold Conveyancing in Burford - Sample of Queries Prior to Purchasing
How much is the annual service fee and ground rent? It is important to be aware whether redecorating or some other significant cost is due shortly that will be shared by the tenants and could well dramatically impact the level of the service fees or necessitate a specific payment. What restrictions exist in the Burford Lease?
My conveyancers in Burford have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the lender conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the bank directly.