I am getting a mortgage offer from Santander. I would like to use a Licensed Conveyancer in Reynoldston. Does the Santander Solicitor panel include conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
I have given 8 weeks notice to my existing landlord and must vacate my let out apartment in Reynoldston by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in 4 weeks as I wish to avoid having to move into short term accommodation?
It is unwise to provide notice on a rental until exchange of contracts has taken place. If you have not already done so, speak to your lawyer and request that they cajole the sellers solicitors, try to get a realistic time scale from them that all parties will look towards
I decided to have a survey done on a property in Reynoldston ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some lenders may not give a loan on this type of house.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Reynoldston. Conveyancing will be smoother if you use a solicitor in Reynoldston especially if they regularly deal with such properties in Reynoldston.
What are the frequently found problems that you witness in leases for Reynoldston properties?
There is nothing unique about leasehold conveyancing in Reynoldston. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
I acquired a 1st floor flat in Reynoldston, conveyancing was carried out in 2006. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Reynoldston with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease comes to an end on 21st October 2072
With 52 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
After what seems like an age I have had an offer on an apartment in Reynoldston accepted, the seller does however have a connected purchase. The owners have offered on a flat, although it’s not yet tied up, and has viewings of other flats booked. I have chosen a local conveyancing lawyer in Reynoldston. What should be my next step? At what point should I apply for the mortgage with Nottingham?
It is normal to have anxieties where there is a chain given your reluctance to incur costs prematurely (mortgage application is in the region of £1k, then valuation, Reynoldston conveyancing search costs, etc). The first thing to do is check that your conveyancer is on the Nottingham approved list. As to the next phase this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. During a rising market many buyers would apply for a home loan with Nottingham and pay for the valuation and only if it comes back ok would they pay their lawyer to move forward with the conveyancing in Reynoldston.