Why do I have to pay up front for my conveyancing in Waterhouses?

If you are buying a property in Waterhouses your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the sale price then this will be required shortly before exchange of contracts. The final balance that is needed should be sent to your lawyer a few days prior to the completion date.

I am considering applying for a Barclays mortgage for purchase of a newly converted (under development) in Waterhouses with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?

In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

I decided to have a survey carried out on a house in Waterhouses before retaining conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders tend not grant a mortgage on this type of property.

It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Waterhouses. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Waterhouses to see if the conveyancing costs will increase in light of this.

There are only 68 years unexpired on my lease in Waterhouses. I need to get lease extension but my freeholder is missing. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the landlord. For most situations a specialist would be useful to carry out a search and to produce a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s absence and the application to the County Court covering Waterhouses.

Waterhouses Conveyancing for Leasehold Flats - A selection of Questions you should ask before Purchasing

Its a good idea to discover as much as possible regarding the company managing the building as they can either make living at the property much easier or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the common parts. Enquire of other tenants whether they are happy with their management. Finally, be sure you know the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. Please note that where the lease has fewer than eighty years it will impact the salability of the apartment. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the premises for two years in order to be eligible to exercise a lease extension. What is the service charge and ground rent on the apartment?

We have AIP from Barnsley Building Society who indicated we could borrow up to £218k. When do I need to appoint a lawyer for conveyancing? Waterhouses is where we are .

It would be wise to appoint a conveyancer now and ask them to create a file on your behalf. This will kickstart: 1) the selling agent to issue a Sales Memorandum to all parties 2) the seller’s property lawyer to send out the draft contract. However, do not instruct your conveyancer to order searches until you have your valuation report from Barnsley Building Society and you are content to move forward.