I am not well enough to travel far from Ringmer. I would like to know the logic why all Ringmer lawyers aren't included on all mortgage company panels?
Pre- 2008 most banks demonstrated an approach to risk which differs from the current day. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: know the property lawyers on your panel. Accordingly, lenders have subsequently looked to extract more information from law firms concerning their processes and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the lenders required.
We were just about to exchange contracts for a garden flat in Ringmer. We have hit a problem. Our loan offer with Alliance & Leicester expires on 17/3/2025 but the vendors are suggesting a completion date of 19/3/2025. Is it possible to prolong the mortgage offer?
The person best placed to deal with your issue is your solicitors who will calculate whether they should be discussing with the bank, owner’s representatives, selling agents or conceivably all three taking into account the circumstances your transaction to date.
It is a dozen years since I purchased my property in Ringmer. Conveyancing lawyers have now been instructed on the sale but I can't find the deeds. Will this cause complications?
Don’t worry too much. First the deeds may be with the mortgage company or they may be in the possession of the lawyers who acted in the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. The vast majority of conveyancing in Ringmer relates to registered property but in the rare situation where your property is unregistered it is more of a problem but is not insurmountable.
How does conveyancing in Ringmer differ for newly converted properties?
Most buyers of new build or newly converted property in Ringmer contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because developers in Ringmer usually purchase the land, 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 Ringmer or who has acted in the same development.
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Ringmer. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Ringmer ?
Most houses in Ringmer are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Ringmer in which case you should be looking for a Ringmer conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.
I purchased a 1 bedroom flat in Ringmer, conveyancing was carried out 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Ringmer with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2101
With 76 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.