My partner and I are buying a newly built apartment in Ongar and my lawyer is advising me that she has to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My bid for a property was accepted at auction in Ongar. Conveyancing is necessary. What happens now?
Having for in every practical sense signed on the dotted line you will need to instruct a conveyancing solicitor soon as you are faced with a tight deadline in which to complete the transaction. An auction property will ordinarily have a corresponding auction pack. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold property the legal papers should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You must pass this on to the lawyer instructed by you ASAP. You also need to ensure that you have funds in order to complete on the on the contractual date .
I'm at the point of viewing flats in Ongar and I am about to put in an offer. Should I already have a property lawyer in place at this stage? I am planning to take a home loan with HSBC.
You should start requesting 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 forward their details on to the estate agent. As you are obtaining a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
My offer on a property in Ongar has been agreed to, but there is a chain. The sellers have put an offer on on an apartment, but it’s not yet tied up, and are looking at other apartments in the pipeline. I have selected a local conveyancing solicitor in Ongar. What do I do now? At what point do I apply for the mortgage with Co-operative?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Ongar conveyancing search costs, etc). The first course of action is to check that your conveyancer is on the Co-operative conveyancing panel. Regarding the next stages this very much depends on the circumstances of your case, motivation for the property and on the state of the market. During a rising market the majority of home buyers would apply for the mortgage with Co-operative and pay for the valuation and only if it was satisfactory would they ask their solicitor to move forward with the conveyancing in Ongar.
How does conveyancing in Ongar differ for new build properties?
Most buyers of new build or newly converted property in Ongar approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Ongar tend to buy 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 conveyancers 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 Ongar or who has acted in the same development.
In scouring the web for the phrase on line conveyancing in Ongar it brings up numerous property lawyerslocally. With so much choice what is the best way to find the right conveyancer for purchase transaction?
The best way of choosing a suitable conveyancer is through a trusted referral, so enquire of colleagues and those you trust who have purchased a property in Ongar or a reputable estate agent or mortgage broker. Fees for conveyancing in Ongar differ, so it's a good idea to secure at least three fee calculations from varying types of solicitors. Make sure that you know that the fees are fixed.
All being well we will complete the disposal of our £200,000 apartment in Ongar in 10 days. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Ongar?
For the majority of leasehold sales in Ongar conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Addressing conveyancing due diligence questions
Where consent is required before sale in Ongar
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I own a leasehold flat in Ongar, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Ongar with over 90 years remaining are worth £227,000. The ground rent is £50 yearly. The lease ceases on 21st October 2092
With just 71 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.
The suggested premium range 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 issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.