We have a mortgage agreed in principle with Virgin Money. Port Isaac conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money completed the survey? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in Port Isaac. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
Kent Reliance have agreed my home loan in principle, my offer on a flat in Port Isaac has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Call up Kent Reliance or your broker and finalise any appropriate documentation. Kent Reliance will appoint a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Kent Reliance will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Port Isaac.
Are there restrictive covenants that are commonly picked up during conveyancing in Port Isaac?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Port Isaac. 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…’
How does conveyancing in Port Isaac differ for new build properties?
Most buyers of new build or newly converted property in Port Isaac approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Port Isaac usually buy 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 property lawyers 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 accustomed to new build conveyancing in Port Isaac or who has acted in the same development.
I am hoping to complete next month on a leasehold property in Port Isaac. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Port Isaac should include some of the following:
The total ownership of the property. This may be the flat itself but could also include a attic or cellar if appropriate. Who has the liability for repairing the window frames You should know if the lease allows you to change or improve anything in the property- you should know whether any restrictions relates to all alterations or just structural alteration, and whether licences for alterations is required You would want to receive a copy of the lease Whether the lease restricts you from letting out the flat, or having a home office for business
I am the registered owner of a leasehold flat in Port Isaac, conveyancing was carried out in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Port Isaac with over 90 years remaining are worth £186,000. The ground rent is £55 per annum. The lease ceases on 21st October 2070
With just 52 years left to run we estimate the price of your lease extension to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
My mum and dad cant seem to find their Port Isaac land registry title on the website. They have a vague recollection back in the 70’s when they bought the house there were complications with the post code not being recognised in some systems.
The vast majority of properties in Port Isaac should appear. Have you limited your search to just the postcode. Ordinarily it should reveal all the residences within that postcode. Assuming the property is registered it will show up with a title number. Where they bought sixty years ago it's conceivable it may be unregistered. The address may still be revealed but with the title number identified as 'na'. In this scenario you will need to locate the original title documentation which might be with your parent’s bank.