Why do I have to pay up front for conveyancing in Angmering?
Where you are retaining lawyers for conveyancing in Angmering your lawyer will request that you to provide them with monies to cover the the cost of the conveyancing searches. Generally this is asked for to cover the fees of the Local Authority Search. If any deposit is as part of the total price then this will be needed immediately before contracts are exchanged. Any further balance that is needed should be sent to your lawyer shortly before completion.
When it comes to mortgage companies such as UBS, do Angmering conveyancers have to pay a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Angmering building society branch on numerous occasions and was told it does not affect the mortgage offer and they would lend. My Angmering conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their published requirements. Who do I believe?
The conveyancing practitioner must comply with the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my flat. I had a double glazing fitted in December 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, RBS are being problematic. The Angmering solicitor who is on the RBS conveyancing panel is saying indemnity insurance will be fine but RBS are insisting on a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Angmering. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Angmering
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Am I better off to use a Angmering conveyancing solicitor based in the area that I am buying? An old friend can conduct the legal work however his firm is located a couple of hundredmiles away.
The primary upside of using a local Angmering conveyancing firm is that you can drop in to sign paperwork, present your identification documents and pester them if necessary. Having local Angmering know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were happy that must surpass using an unfamiliar Angmering conveyancing solicitor solely due to them being local.
Can you provide any top tips for leasehold conveyancing in Angmering with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Angmering can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers’ solicitors. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve 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 clearly preferable to present the dispute as historic as opposed to unsettled. A minority of Angmering leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to 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 able to meet 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 buyers or their lawyers. You believe that you know the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
I am the registered owner of a leasehold flat in Angmering, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Angmering with a long lease are worth £260,000. The ground rent is £45 per annum. The lease terminates on 21st October 2099
With 74 years left to run the likely cost is going to be between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Sixweeks into purchasing a property in Angmering. Conveyancing solicitor has told us the property is "Leasehold". Does this impact our mortgage valuation?
Angmering conveyancing does not in most situations involve leasehold houses. The key consideration here is the length of lease and the ground rent. If it's 999 years with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the value significantly.
On the flip side, if it's, say, Sixty years it is bound to have a material effect on the value, and most likely wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be set out in the lease which should be made available to your conveyancing practitioner.