Can conveyancing in Groby to be completed within two weeks?
Where you are under time constraints to sign contracts we would recommend that your solicitor is familiar with the location as they will make use of local relationships and knowledge. It is possible that they would have transacted otherhouses in the same neighbourhood. Therefore consider using a Groby conveyancing lawyer. In addition, make sure that the conveyancing firm is on the lender panel. It is said that just under twenty per cent of Groby conveyancing transactions are delayed or jeopardised after discovering a purchaser’s solicitor was not on their banks list of approved solicitors. In many cases this discovery resulted in the home move being delayed by an average of three weeks. It is said that this issue impacts approximately 100,000 home sales every year. Many Groby conveyancing firms can not represent certain mortgage companies so do check at the outset.
I'm in the process of viewing apartments in Groby and I am now considering a potential offer. Should I already have a lawyer in place at this stage? I am planning to take a home loan with RBS.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are seeking a mortgage with RBS, ask your prospective lawyers if they are on the RBS conveyancing panel otherwise they can't do the mortgage legal work.
After shopping around on the internet I have found a Groby conveyancing practitioner having made sure that they are on the Clydesdale conveyancing panel. Does my lawyer arrange the survey of the property?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale 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 solicitor 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 Groby postcode. As you are getting a mortgage with Clydesdale, you could contact them to see if they have a list of approved surveyors in Groby.
Our sealed bid on a property in Groby has been agreed to, but there is a chain. The sellers have offered on a flat, but it’s not yet tied up, and are looking at other apartments booked. I have chosen a nearby conveyancing solicitor in Groby. What should be my next step? When do I get the mortgage application with Co-operative going?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then survey, Groby conveyancing search fees, etc). First, you must ensure that your property lawyer is on the Co-operative approved list. Regarding the subsequent steps this very much depends on the specifics of your case, attraction to the property and on the state of the market. During a hot market the majority of purchasers would apply for the mortgage with Co-operative and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Groby.
I used Action Conveyancing a few years ago for my conveyancing in Groby. Now, I need my documents however the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Groby of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I decided to have a survey done on a house in Groby ahead of appointing lawyers. I have been advised that there is a flying freehold element to the house. My surveyor advised that some lenders will not issue a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Groby. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a couple of maisonettes in Groby both have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Groby is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and banks, leases with less than 75 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 residence 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 Groby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Groby Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
How many of the leaseholders are in arrears for their service charge payments? It would be wise to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the tidiness of the communal areas. Ask prospective neighbours whether they are happy with them. In conclusion, be sure you discover the dates that the service charges are due to the managing agents and specifically how they are spending the funds. Plenty Groby leasehold flats will incur a service bill for the upkeep of the building invoiced on behalf of the freeholder. Should you purchase the apartment you will have to pay this liability, normally quarterly during the year. This can differ from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent for you to pay annual, this is usually not a large amount, say about £50-£100 but you should to enquire it because occasionally it can be surprisingly expensive.