My wife and I are in the process of looking at apartments in Whiston and I am now considering a potential offer. Should I already have a conveyancing practitioner appointed at this point? I intend to finance via a home loan with Coventry BS.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. Given that you are obtaining a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
I am currently in the process of buying my council flat in Whiston. I have a mortgage offer with Lloyds. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
I recently had an offer accepted on a house in Whiston. My financial adviser suggested a conveyancer. I paid an advanced payment of £225. A couple of days later, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Leeds Building Society 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 Leeds Building Society 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 am buying my first flat in Whiston with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The sale representative told me not to tell my solicitor about this extras as it may affect my mortgage 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 am looking for a ground for flat up to £195,000 and identified one round the corner in Whiston I like with open areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. I can't really find anything else in Whiston suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension 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 speak to your conveyancing solicitor about this.
Do I need to be suspicious about brokers that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street Whiston conveyancing practice?
As with lots of service providers, often referrals from family and friends can be worth their weight in gold. Nevertheless there are numerous parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all suggest lawyers to choose. Sometimes the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are free to choose your preferred lawyer. Don't forget that most lenders specify a panel list of law firms you have to use for the mortgage aspect of your transaction.
I have just appointed agents to market my ground floor flat in Whiston. Conveyancing lawyers have not yet been instructed, however I have just had a quarterly service charge demand – what should I do?
The sensible thing to do is clear the service charge as normal given that all rents and maintenance charges will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a ground floor flat in Whiston, conveyancing having been completed June 2004. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Whiston with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease finishes on 21st October 2080
With only 61 years remaining on your lease we estimate the premium for your lease extension to be between £19,000 and £22,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.