My fiance and I are intent on acquiring a ground floor flat in Cullompton. My Solicitor has never been on on the bank solicitor panel. Am I still permitted to retain my Cullompton conveyancing solicitor notwithstanding that they are not on the mortgage company approved list?
One will need to instruct a conveyancing practitioner to deal with the legal work required if you need a loan to buy your home. They will carry out all the appropriate investigations on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage paperwork is in place. You may select a Cullompton property lawyer of your choosing. However, if the lawyer selected is not a member of the bank approved list further fees will be incurred as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so provided your solicitor has not historically applied for membership they should take the opportunity to apply.
My colleague recommended that if I am purchasing in Cullompton I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Cullompton conveyancing searches. It is not a small report of about 40 pages, listing and detailing important information about Cullompton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Cullompton.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Cullompton is the location of the property. Is there any guidance you can give?
Flying freeholds in Cullompton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cullompton you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cullompton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
My husband and I are novice buyers - agreed a price, yet the estate agent advised that the vendor will only issue a contract if we use their recommended conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Cullompton
It is improbable the owners are behind this. Should the seller want ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Contact the owners directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you intend to proceed fast (e)however you intend to instruct your own,trusted Cullompton conveyancing solicitors - as opposed tothose that will provide the negotiator at the agency a referral fee or achieve conveyancing targets set by head office.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Cullompton. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Cullompton ?
The majority of houses in Cullompton are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Cullompton so you should seriously consider looking for a Cullompton conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.
I inherited a garden flat in Cullompton, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Cullompton with over 90 years remaining are worth £227,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2093
With just 72 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus 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 advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.