After weeks of negotiation I have agreed a price on a house in Stourport On Severn. My financial adviser pressured me to appoint their solicitor. I paid an on account payment of £150. Shortly after, the property lawyer contacted me sheepishly admitting that they were not on the Nationwide 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 Nationwide 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.
I had an offer accepted on a house in Stourport On Severn on 22/2/2019, valuation was booked 2 days later, received a clean bill of health. Solicitor instructed, so all that was missing was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Are Leeds Building Society 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 Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
RBS have agreed my home loan in principle, my bid on a flat in Stourport On Severn has been agreed to, what are the next steps?
The estate agent will wish to be informed of your conveyancer's details (make sure the lawyers are on the lender’s panel). Telephone RBS or the broker and finalise any outstanding documentation. RBS will instruct a valuer who will get in contact with the estate agent or vendor to schedule an appointment. Once conducted (assuming no problems) it takes on average a fortnight to get a mortgage offer. RBS will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Stourport On Severn.
How does conveyancing in Stourport On Severn differ for newly converted properties?
Most buyers of new build residence in Stourport On Severn contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Stourport On Severn tend to purchase 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 conveyancers 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 Stourport On Severn or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Stourport On Severn before retaining lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies may refuse to issue a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Stourport On Severn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stourport On Severn to see if the conveyancing costs will increase in light of this.
I've recently bought a leasehold flat in Stourport On Severn. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a basement flat in Stourport On Severn, conveyancing having been completed August 1998. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Stourport On Severn with an extended lease are worth £181,000. The ground rent is £55 yearly. The lease terminates on 21st October 2070
With only 51 years unexpired we estimate the price of your lease extension to span between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
My partner is buying a shared ownership flat in Stourport On Severn. He has received a fee estimate by the property lawyer connected to the estate agents and it came to £1300 . It was 9 years ago since I sold and bought a property and the bill was £450. Have charges really increased to that extent?
You should contact two or three local Stourport On Severn conveyancing solicitors seeking estimates. It is advisable to base your selection not solely on cost, but on promptness and on how comprehensive the reply is.