My property lawyer in Daventry is not listed on the Virgin Money Approved Panel. Can I still continue with my family solicitor even though they are excluded from the Virgin Money panel of approved conveyancing solicitors?
Your options are as follows:
- Complete the purchase with your preferred Daventry lawyers but Virgin Money will need to instruct a lawyer on their list of acceptable firms. This will inevitably rack up the overall conveyancing charges as well as cause frustration.
- Choose a new practitioner to to deal with the conveyancing, not forgetting to check they are Virgin Money approved.
- Try to convince your Virgin Money based solicitor to attempt to join the Virgin Money panel
I got the keys to my flat on 5 July and my personal details is not yet registered. Should I be concerned? My conveyancing solicitor in Daventry advises it would be dealt with in a couple of weeks. Are properties in Daventry uniquely lengthy to register?
There is nothing unique about conveyancing in Daventry registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd parties. At present approximately three quarters of submission are fully dealt with within 12 days but occasionally there can be protracted delays. Registration is effected after the buyer has moved in to the property thus an expedited registration is not usually primary concern but where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Daventry differ for newly converted properties?
Most buyers of new build residence in Daventry approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because developers in Daventry typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Daventry or who has acted in the same development.
How difficult is it to swap conveyancer as I need to appoint a firm on the Godiva Mortgages Ltd conveyancing panel. I hired a high street conveyancing solicitor in Daventry round the corner but she is not approved by Godiva Mortgages Ltd
It would be our pleasure to help you find a conveyancing solicitor in Daventry on the Godiva Mortgages Ltd panel. Please note that the property lawyers that we work with do not pay us fee if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Daventry. In making use of search facility on this page, you can compare charges for conveyancing solicitors in Daventry and throughout England and Wales.
I am looking at a two apartments in Daventry which have approximately fifty years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Daventry is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Daventry conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a split level flat in Daventry, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Daventry with over 90 years remaining are worth £181,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2076
You have 51 years remaining on your lease we estimate the premium for your lease extension to be between £30,400 and £35,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.