We're in Sychdyn, FTBs purchasing with a mortgage (lender is Santander , and our solicitor is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor 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.
I'm in the throws of looking at houses in Sychdyn and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Clydesdale.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are obtaining a mortgage with Clydesdale, make sure you remember to check that your lawyer is on the Clydesdale conveyancing panel.
I have today made my last payment due on my mortgage with Aldermore. I assume I don't need a Sychdyn solicitor on the Aldermore panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Aldermore 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 Aldermore mortgage from the register. Aldermore, 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 Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Co-operative are being problematic. The Sychdyn solicitor who is on the Co-operative conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My relative advised me that if I am buying in Sychdyn I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Sychdyn conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Sychdyn around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Sychdyn Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Sychdyn.
I have been on the look out for a flat up to £305k and found one near me in Sychdyn I like with amenity areas and railway links in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Sychdyn suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
In relation to leasehold conveyancing in Sychdyn what are the most common lease problems?
Leasehold conveyancing in Sychdyn is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
A provision for the recovery of money spent for the benefit of another party.
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I acquired a studio flat in Sychdyn, conveyancing was carried out April 2004. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Sychdyn with over 90 years remaining are worth £206,000. The ground rent is £45 levied per year. The lease ceases on 21st October 2087
With 65 years unexpired the likely cost is going to range between £13,300 and £15,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.