My partner and I are buying an apartment in East Dean. My Conveyancer has never been on on the bank solicitor list. Is it possible for me to retain my East Dean conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel of approved conveyancing solicitors?
One must have a solicitor to deal with the formalities if you need a loan to buy your home. The lawyer will conduct all the essential investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage paperwork is in order. One could appoint a East Dean solicitor of your choosing. However, if the conveyancer appointed is not a member of the mortgage company approved list additional fees will be incurred as separate legal representation will be need by the lender. Bank panel applications can be submitted, so where your lawyer has not in the past applied for membership they should take the chance to apply.
Due to the input of my in-laws I had a survey completed on a house in East Dean ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies will not grant a loan on such a home.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in East Dean. Conveyancing will be smoother if you use a solicitor in East Dean especially if they regularly deal with such properties in East Dean.
I was pointed in your direction by a number of property agents in East Dean to select a conveyancer using your seach tool. Is there a financial upside for Estate Agents to recommend your site ahead of alternative conveyancing organisations?
We refuse to make any referral fee for sending work our way. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am tempted by the attractive purchase price for a two flats in East Dean both have about forty five years left on the lease term. Will this present a problem?
There are plenty of short leases in East Dean. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field.
I bought a 1st floor flat in East Dean, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in East Dean with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2081
With only 60 years remaining on your lease we estimate the price of your lease extension to range between £20,000 and £23,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
At long last our conveyancing in East Dean completes on Friday, yet the owners I am buying from wants to move out 24 hours later at afternoon. Can I accept this?
If you require a bank loan then your solicitor will demand that the property isvacant on Friday - the bank will compel it.