We're in Shrivenham, First time buyers purchasing with a mortgage (lender is , and our lawyer is on the conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are close to exchanging contracts on the sale of our home in Shrivenham and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Shrivenham conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a national conveyancing outfit as opposed to a conveyancing solicitor in Shrivenham. Having lived in Shrivenham for three years we know that this is a non issue. Should we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing lawyer already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I am purchasing my first flat in Shrivenham with a loan from . The sellers would not budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not inform my conveyancer about this deal as it could impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Shrivenham I like with a park and railway links nearby, however it only has 61 years on the lease. There is not much else in Shrivenham in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Due to sign contracts shortly on a leasehold property in Shrivenham. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Shrivenham should include some of the following:
-
The unexpired lease term. You should receive guidance as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
What options are available to the landlord where you breach a clause of your lease?
Ground rent - what is payable and what the invoice dates are, and be on notice if this is subject to change
specifics of the parties to the lease, for example these could be the lessee, superior lessor, landlord
I bought a basement flat in Shrivenham, conveyancing formalities finalised in 1995. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Shrivenham with over 90 years remaining are worth £165,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 50
With 50 years remaining on your lease we estimate the price of your lease extension to be between £36,100 and £41,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.