I am obtaining a offer of a home loan from Halifax. I intend to employ the services of a Licensed Conveyancer in Papworth Everard. Does the Halifax Conveyancing panel exclude Licensed Conveyancers?
The Halifax approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
I have a mortgage with Aldermore for my property in Papworth Everard. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval before letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Papworth Everard solicitor - who is on the Santander conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander 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. You may wish to consider appointing your own Papworth Everard surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Virgin Money have agreed my mortgage in principle, my bid on a apartment in Papworth Everard has been accepted, what happens next?
The property agent will want to be advised as to your property lawyer's details (ensure that the solicitors are on the bank’s panel). Call up Virgin Money or the broker and finish off any relevant documentation. Virgin Money will instruct a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes approximately ten days to receive the mortgage offer. Virgin Money will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Papworth Everard.
I have been told that property searches are the main reason for obstruction in Papworth Everard conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Papworth Everard.
Are there restrictive covenants that are commonly identified during conveyancing in Papworth Everard?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Papworth Everard. 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 have just appointed agents to market my basement apartment in Papworth Everard. Conveyancing solicitors are to be appointed soon, however I have just received a quarterly maintenance charge demand – what should I do?
The sensible thing to do is discharge the service charge as usual as all rents and service invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a 2 bed flat in Papworth Everard, conveyancing having been completed 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Papworth Everard with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2074
With 54 years remaining on your lease we estimate the price of your lease extension to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.