Forgive me if this question is silly but I am new to the process as FTB of a ground floor flat in Sandbanks. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will find a local conveyancing solicitor in Sandbanks?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the seller's lawyers, and once they have received this, you will be invited to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
I am the sole recipient of my late mum's will with all property in now in my sole name, including the house in Sandbanks. The Sandbanks property was put into my name in April. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership could be considered the same way as if I'd bought the house in April. Do I have to wait half a year to sell?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many mortgage companies would take a pragmatic view as this provision is principally there to pick up on subsales or the flipping of property.
I recently had an offer agreed on a house in Sandbanks. My financial adviser recommended their conveyancers. I paid an on account payment of £175. A couple of days later, the conveyancer called me to say that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in Sandbanks differ for newly converted properties?
Most buyers of new build premises in Sandbanks contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Sandbanks tend to acquire the site, 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 used to new build conveyancing in Sandbanks or who has acted in the same development.
Am I better off to go with a Sandbanks conveyancing lawyer who is local to the property I am hoping to buy? We have a good friend who can conduct the conveyancing however they are based 400kilometers drive away.
The primary upside of using a high street Sandbanks conveyancing firm is that you can visit the firm to sign documents, deliver your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were content that should trump using an unknown Sandbanks conveyancing solicitor just because they are Sandbanks based.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £250,000 garden flat in Sandbanks in six days. The landlords agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Sandbanks?
Sandbanks conveyancing on leasehold maisonettes more often than not involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They are at liberty to levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
I invested in buying a ground floor flat in Sandbanks, conveyancing was carried out in 1997. How much will my lease extension cost? Corresponding flats in Sandbanks with an extended lease are worth £197,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2075
You have 54 years left to run we estimate the price of your lease extension to be between £32,300 and £37,400 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 provide the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
I am soon to complete buying a house in Sandbanks but as a consequence of wreckage from the recent storms I have negotiated compensation from the seller of five thousand pounds in the form of a deduction in the price. This was going to be addressed as part of the conveyancing process however my bank will not permit this. Should they have been approached?
The solicitor listed on a lender approved list is obliged to inform the mortgage company of any variations to the sale price. In the event that you did not allow your conveyancer to disclose the price change to your mortgage company then they would need to refrain from representing you and the mortgage company.