Me and my wife are buying an apartment in Nuneaton. My Solicitor has never been on on the mortgage company conveyancing panel. Is it possible for me to continue with my Nuneaton conveyancing solicitor even though they are not on the lender panel?
You must appoint a conveyancer to complete the formalities when you take out a loan to buy your property. The conveyancer will carry out all the essential due diligence on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage documentation is in place. One can select a Nuneaton property lawyer of your choice. Nevertheless, if the conveyancer appointed is not a member of the bank approved list further fees will be incurred as separate legal representation will be need by the lender. Bank panel applications can be submitted, so provided your solicitor has not historically sought membership they should do so.
It has been three months since my purchase conveyancing in Nuneaton concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £235,500 and identified one near me in Nuneaton I like with open areas and station nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Nuneaton in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I need to appoint a conveyancing solicitor for my conveyancing in Nuneaton. I have discover a web site which appears to be the ideal solution If there is a chance to get all formalities done via email that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold property in Nuneaton. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a garden flat in Nuneaton, conveyancing formalities finalised in 2000. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Nuneaton with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2089
With 70 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.