We're in Messingham, First timers purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm the only recipient of my late mum's will and I have everything in my name alone, including the house in Messingham. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the CML six month 'rule', meaning my proprietorship will be considered the same way as if I'd bought the house in January. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. many banks would take a pragmatic view as this obligation is primarily there to identify the purchase and immediately sell or the quick reselling of properties.
I'm in the process of looking at flats in Messingham and I am about to put in an offer. Is it wise to have a conveyancing practitioner on ‘stand by’? I will be getting a home loan with Skipton.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are getting a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Messingham solicitor on the TSB panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
Should our conveyancer be raising questions about flooding as part of the conveyancing in Messingham.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Messingham. There are those who buy a property in Messingham, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous searches that can be initiated by the purchaser or by their lawyers which should figure out the risks in Messingham. The conventional set of information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out if the property has historically flooded. In the event that flooding has previously occurred and is not disclosed by the owner, then a purchaser could issue a claim for damages stemming from an misleading answer. A buyer’s solicitors will also conduct an environmental search. This should disclose if there is any known flood risk. If so, more detailed inquiries will need to be made.
Are there restrictive covenants that are commonly identified during conveyancing in Messingham?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Messingham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am tempted by the attractive purchase price for a couple of apartments in Messingham both have about 50 years unexpired on the lease term. should I be concerned?
A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease decreases and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena.
I acquired a split level flat in Messingham, conveyancing formalities finalised in 2002. How much will my lease extension cost? Corresponding flats in Messingham with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2090
You have 69 years left to run the likely cost is going to range between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.