My fiance and I are purchasing a maisonette in Needham Market. My property lawyer is not listed on the bank conveyancing list. Is it possible for me to use my Needham Market conveyancing solicitor notwithstanding that they are not on the mortgage company approved list?
One must have a property lawyer to complete the formalities if you require a loan to buy your property. The conveyancing practitioner will carry out all the essential due diligence on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage documentation is dealt with. You could appoint a Needham Market lawyer of your choice. However, where the solicitor appointed is not a member of the lender approved list supplemental charges will be incurred as separate legal representation will be required by them. Conveyancing panel applications can be submitted, so where your solicitor has not historically applied for membership they can do so.
The Needham Market conveyancing firm handling our Needham Market conveyancing has discovered a difference when comparing the information in the home valuation survey and what is in the title deeds. My solicitor says that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s stance correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am expecting a DIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Needham Market solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Needham Market solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
My offer was accepted on an apartment in Needham Market on 28/5/2019, valuation was booked 2 days later, all came back fine. Conveyancer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Yorkshire BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Yorkshire BS conveyancing panel. Are Yorkshire BS entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
After what seems like an age I have had an offer on a flat in Needham Market agreed to, the vendors do however have a connected purchase. The vendors have put an offer on somewhere, however it’s not yet agreed to, and have viewings of other properties booked. I have instructed a bricks and mortar conveyancing solicitor in Needham Market. What should be my next step? When should I get the mortgage application with TSB going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then survey, Needham Market conveyancing search fees, etc). First, you should check that your solicitor is on the TSB conveyancing panel. As to the subsequent stages this very much depends on the specifics of your transaction, desire for this property and on the state of the market. During a buoyant market some purchasers will apply for a home loan with TSB and arrange for the valuation and only if it comes back ok would they ask their property lawyer to press on with searches.
How does conveyancing in Needham Market differ for new build properties?
Most buyers of new build or newly converted property in Needham Market contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Needham Market tend to 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 conveyancing solicitors 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 Needham Market or who has acted in the same development.
Looking forward to sign contracts shortly on a leasehold property in Needham Market. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Needham Market should include some of the following:
The physical extent of the premises. This could be the apartment itself but might include a roof space or cellar if relevant. Specifying your rights in relation to the communal areas in the block.E.G., does the lease grant a right of way over a path or staircase? if lease caters for for a slush fund? The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Rent payments - what is payable and when you need to pay, and also know whether this will change in the future
I acquired a ground floor flat in Needham Market, conveyancing having been completed November 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Needham Market with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2099
With just 80 years unexpired the likely cost is going to be between £8,600 and £9,800 as well as professional fees.
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 in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.