What is the first thing I need to know regarding purchase conveyancing in Silsoe?
You may not hear this from too many lawyers but conveyancing in Silsoe and elsewhere in Bedfordshire is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of opportunity for friction between you and other parties involved in the legal transfer of property. For instance, the vendor, selling agent and on occasion the bank. Choosing a lawyer for your conveyancing in Silsoe is a critical decision as your conveyancer is your adviser, and is the ONE party in the legal process whose responsibility is to act in your best interests and to protect you.
There is a definite ongoing adversarial element to conveyancing- someone must be at fault for the process being so protracted. You your first instinct should be to trust your solicitor ahead of all other parties in the home moving process.
I am the single beneficiary of my late father’s estate with all property in now in my sole name, including the my former home in Silsoe. The Silsoe property was put into my name in March. I want to move. I do know about the CML 6 month 'rule', which means that my property ownership may be considered the same way as if I'd bought the house in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view banks take of it, depend on the lender as this requirement is primarily there to identify subsales or the quick reselling of property.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Silsoe lawyer on the Skipton panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
Leeds Building Society have agreed my mortgage in principle, my offer on a apartment in Silsoe has been accepted, what happens next?
The estate agent will want to know who your solicitors are (make sure the conveyancing practitioners are on the bank’s panel). Telephone Leeds Building Society or your financial adviser and finish off any appropriate paperwork. Leeds Building Society will sellect a valuer who will get in contact with the selling agent or vendor to book an appointment. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. Leeds Building Society will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Silsoe.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial estate in Silsoe?
Its becoming the norm that commercial conveyancing solicitors in Silsoe will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Silsoe. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Silsoe.
For each commercial conveyancing transaction in Silsoe it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Silsoe commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Silsoe.
What makes a Silsoe lease unmortgageable?
There is nothing unique about leasehold conveyancing in Silsoe. All leases are drafted differently and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain parts of the property
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Silsoe Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
Is the freehold reversion owned collectively by the tenants? The best form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this situation the tenants have being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. Are any of leasehold owners in dispute over their service charge liability?
I own a leasehold flat in Silsoe. Conveyancing was finished in 21012. I have been told that I should not let the the remaining lease term to fall too short. Is this correct?
Silsoe leasehold properties are for a fixed term - usually just under one hundred years when they commenced. However many flats in Silsoe were built or converted 35 or more years ago and so these leases now have fewer than eighty years left to run. This may sound like a long time however Banks, Building Societies and other mortgage institutions tend to need leases to have at least seventy five years remaining to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To maximise your property value you should be considering whether to extend your lease long before you come to sell it. Please note that there are significant benefits to taking action before the lease hits 80 years as when the lease is below eighty years the premium to be paid to extend starts to escalate.