Finally the sale completed on my house in Rottingdean last June yet the purchaser is texting daily to say her lawyer is waiting to hear from myconveyancer. What should have happened following completion?
Following your sale your conveyancer should send the transfer deeds and all of the paperwork to the buyer’s conveyancer. Where appropriate, your solicitor must also send confirmation that the legal charge in favour of the lender has been repaid to the purchasers solicitors. There is unlikely to be post completion steps just for conveyancing in Rottingdean.
What is the difference between a licensed conveyancer and conveyancing solicitor in Rottingdean
There are many recorded licenced Conveyancers in Rottingdean and Solicitor practices in Rottingdean offering conveyancing It is important to make clear that the two are regulated professionals specialising in the legal aspects of transferring property. They may both also handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We were going to get a AIP from Leeds Building Society this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Rottingdean solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Rottingdean solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
My offer was accepted on a house in Rottingdean on 26/2/2021, valuation was booked 3 days after, all came back fine. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Lloyds and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Lloyds conveyancing panel. Are Lloyds entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should our conveyancer be asking questions concerning flooding during the conveyancing in Rottingdean.
Flooding is a growing risk for solicitors specialising in conveyancing in Rottingdean. There are those who buy a property in Rottingdean, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Rottingdean. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to find out if the property has historically flooded. In the event that the property has been flooded in past and is not disclosed by the vendor, then a purchaser may bring a legal claim for losses as a result of such an inaccurate response. A buyer’s lawyers should also commission an environmental report. This should reveal whether there is a recorded flood risk. If so, further investigations will need to be carried out.
I am attracted to a two maisonettes in Rottingdean both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Rottingdean. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease deteriorates and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
I inherited a garden flat in Rottingdean, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Rottingdean with an extended lease are worth £181,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2072
With 51 years left to run we estimate the price of your lease extension to span between £30,400 and £35,200 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. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
18 days into buying a property in Rottingdean. Conveyancing solicitor has phoned to say the title is "Leasehold". Will this likely impact the salability of the house?
Rottingdean conveyancing does not ordinarily involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's almost the same as freehold, so it’s unlikely to affect the marketability too much.
At the other end of the spectrum, if it's, say, Sixty years it is bound to have a material effect on the value, and most likely wouldn't be acceptable to the lender. The length of lease and ground rent will be stated in the lease provided to your property lawyer.