Do lawyers ask for money on account when it comes to conveyancing in Great Shelford?
Where you are retaining lawyers for conveyancing in Great Shelford your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the sale price then this will be required immediately before contracts are exchanged. The final balance that is due will be payable a couple of days prior to the day of completion.
I am the single recipient of my late father’s will and I have everything in my name alone, including the my former home in Great Shelford. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the CML 6 month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the house in June. Do I have to wait half a year to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view banks take of it, depend on the mortgage company as this requirement chiefly exists to identify the purchase and immediately sell or the flipping of properties.
Is it the case that all Great Shelford solicitor practices on the Bank of Ireland conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be governed by the SRA. The majority of lenders do permit licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I have instructed a Great Shelford lawyer having checked that they are on the UBS conveyancing panel. Does my lawyer arrange the survey of the property?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Great Shelford postcode. As you are getting a mortgage with UBS, you could contact them to see if they have a list of approved surveyors in Great Shelford.
How does conveyancing in Great Shelford differ for new build properties?
Most buyers of new build residence in Great Shelford come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Great Shelford tend to acquire the site, 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 used to new build conveyancing in Great Shelford or who has acted in the same development.
I opted to have a survey completed on a property in Great Shelford ahead of retaining lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some lenders will refuse to give a loan on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Great Shelford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am in need of some leasehold conveyancing in Great Shelford. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Great Shelford - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Great Shelford - Examples of Questions you should ask Prior to buying
Most Great Shelford leasehold apartments will be liable to pay a service bill for the upkeep of the building invoiced on behalf of the landlord. If you buy the property you will have to meet this charge, usually in instalments during the year. This could be anything from two or three hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met annual, ordinarily this is not a exorbitant amount, say approximately £50-£100 but you should to enquire as sometimes it could be surprisingly expensive. You should want to find out as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the communal areas. Ask other tenants if they are happy with them. Finally, find out the dates that the service fees are due to the relevant party and specifically how they are spending the funds. Is there a share of the freehold?