Can I be sure that the Wigston conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Wigston seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor handling your conveyancing.
I have a mortgage with HSBC for my property in Wigston. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
HSBC must be informed of your intention before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel lawyer.
I was told three weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Wigston is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their PI Insurance.
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 Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Despite weeks of looking the Title Certificate and documents to our home are lost. The lawyers who did the conveyancing in Wigston 4 years ago are no longer around. What are my next steps?
As long as the title is registered the details of your proprietorship will be recorded by the Land Registry with a Title Number. It is possible to perform a search at the Land Registry, locate your house and get up to date copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will in most cases hold a certified copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
I have been on the look out for a flat up to £245,000 and identified one round the corner in Wigston I like with open areas and station in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Wigston for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I was pointed in your direction by two or three local estate agents in Wigston to choose a solicitor using your seach tool. What’s the financial advantage for Estate Agents to offer your site rather than a competitor’s?
We don’t make any referral fee for directing people to this site. We thought it would be too underhand to pay a commission because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
Do you have any advice for leasehold conveyancing in Wigston with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Wigston can be bypassed if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers. If you hold a share in a the freehold, you should make sure that you have the original share certificate. Organising a new share certificate can be a time consuming formality and frustrates many a Wigston home move. Where a reissued share is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to ongoing. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Some Wigston leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
Leasehold Conveyancing in Wigston - A selection of Queries Prior to buying
What is the the remaining lease term? Please note if it is fewer than 80 years it will affect the salability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be required to have owned the residence for two years before you are eligible to exercise a lease extension. What prohibitions are contained in the Wigston Lease?