We're in Aldeburgh, First time buyers purchasing with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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 am the single beneficiary of my late mum's estate and I have everything in my name alone, including the house in Aldeburgh. Conveyancing formalities meant that the Land Registry date was in September. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be considered the same way as if I'd bought the property in September. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Most banks would take a sensible view as this obligation is primarily there to identify subsales or the wholesaling and assigning of property.
I have paid off my mortgage with Aldermore. I assume I don't need a Aldeburgh solicitor on the Aldermore panel to remove the mortgage at the Land Registry. Am I right?
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 September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being pedantic. The Aldeburgh solicitor who is on the UBS conveyancing panel is happy to accept ‘lack of building regulation’ insurance but UBS are requiring a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS 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.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Aldeburgh?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Aldeburgh. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Aldeburgh is where the house is located. Is there any advice you can give?
Flying freeholds in Aldeburgh are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Aldeburgh you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aldeburgh may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I wish to let out my leasehold apartment in Aldeburgh. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Aldeburgh do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I invested in buying a 1 bedroom flat in Aldeburgh, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Aldeburgh with a long lease are worth £186,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2078
With 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
I have just placed an offer on an apartment in Aldeburgh and the mortgage adviser that we are using recommended his property lawyer. They quoted £900 plus VAT and 3rd party costs. Does this sound steep?
Don't just go on one quote. You should obtain like-for-like quotes for your conveyancing in Aldeburgh. Then select one that you are comfortable with and just as important, is on the approved panel of the lender that you have applied for a mortgage from.