It has come to my attention via my mortgage broker that my Caversham property lawyer is not on the mortgage company Solicitor panel. What can I do to be certain that this is indeed the case?
You need to contact your Caversham conveyancer. You lawyer should notify you what has happened. If they are not on the panel they may recommend you to a Caversham conveyancing practice that is on the conveyancing panel for your lender.
My property lawyer in Caversham is not listed on the National Westminster Bank Solicitor Panel. Is it possible for me to use my family solicitor even though they are excluded from the National Westminster Bank panel?
The limited options available to you here include:
- Complete the purchase with your preferred Caversham lawyers but National Westminster Bank will need to retain a lawyer on their panel. This will inevitably rack up the overall legal charges as well as cause frustration.
- Choose an alternative practitioner to act in the conveyancing, remembering to check they are National Westminster Bank approved.
- Persuade your National Westminster Bank based solicitor to attempt to join the National Westminster Bank panel
Due to the encouragement of my in-laws I had a survey completed on a property in Caversham before instructing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some banks will refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you contact us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Caversham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Caversham to see if the conveyancing costs will increase in light of this.
Can you provide any top tips for leasehold conveyancing in Caversham from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Caversham can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers’ conveyancers. Many freeholders or managing agents in Caversham charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Caversham. If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Organising a re-issued share certificate can be a time consuming formality and delays many a Caversham home move. If a reissued share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unresolved.
I inherited a ground floor flat in Caversham, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Caversham with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2076
With just 50 years left to run the likely cost is going to be between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
My wife and I intend to buy our 1st property in Caversham. Conveyancing solicitor has been appointed. The broker advised that a survey is not appropriate as the property was only built 22 years ago.
The bare minimum you need a Home Buyer's Report. As the residence is more than 10 years old the property will be without a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. They will highlight any obvious issues and recommend further investigation where relevant. If there are any indications of material issues get a comprehensive Building Survey from the beginning.