I am considering applying for a Co-operative mortgage for purchase of a newly converted (under development) in Coxhoe with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
In theory, you could use a solicitor that is not on the Co-operative conveyancing panel, but Co-operative would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
What is the difference between a licensed conveyancer and conveyancing solicitor in Coxhoe
There are many registered licenced Conveyancers in Coxhoe and Solicitor practices in Coxhoe who can help with your conveyancing It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in transferring property. They may both also handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I am currently in the process of buying my council flat in Coxhoe. I have a mortgage agreed with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
Barclays have agreed my mortgage in principle, my bid on a house in Coxhoe has been agreed to, now what?
The property agent will want to be advised as to your solicitor's details (be sure the conveyancers are on the bank’s panel). Call up Barclays or the financial adviser and finalise any appropriate forms. Barclays will instruct a valuer who will get in touch with the selling agent or owners to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Barclays will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Coxhoe.
Will our solicitor be asking questions regarding flooding during the conveyancing in Coxhoe.
The risk of flooding is if increasing concern for lawyers dealing with homes in Coxhoe. There are those who purchase a property in Coxhoe, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a number of checks that may be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Coxhoe. The conventional set of information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to find out if the premises has historically flooded. If the premises has been flooded in past and is not disclosed by the owner, then a buyer could commence a claim for damages stemming from an incorrect reply. A buyer’s solicitors will also carry out an environmental search. This will reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be carried out.
Are there restrictive covenants that are commonly picked up during conveyancing in Coxhoe?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Coxhoe. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Coxhoe I like with open areas and transport links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Coxhoe for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage that many years will likely be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.