The Bagshot conveyancing solicitors that just started acting on my purchase in Bagshot have without warning shut down. I chose them because I needed a solicitor on the Principality conveyancing panel and my preferred Bagshot lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
A friend advised me that in buying a property in Bagshot there could be a number of restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of anumerous of properties in Bagshot which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Bagshot should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Co-operative have agreed my mortgage in principle, my bid on a house in Bagshot has been accepted, what are the next steps?
The property agent will want to know who your solicitors are (be sure the solicitors are on the bank’s approved list). Call up Co-operative or your financial adviser and complete any appropriate forms. Co-operative will instruct a valuer who will get in contact with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes on average ten days to get a mortgage offer. Co-operative will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bagshot.
At last I have had an offer on a flat in Bagshot agreed to, the owners do nevertheless have a dependent purchase. The sellers have offered on somewhere, but it’s not been accepted yet, and are looking at other apartments booked. I have selected a high street conveyancing solicitor in Bagshot. What should be my next step? At what stage should I apply for the mortgage with Aldermore?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of £1k, then valuation, Bagshot conveyancing search charges, etc). First, you should ensure that your conveyancer is on the Aldermore conveyancing panel. Regarding the subsequent stages this very much depends on the uniqueness of your case, attraction to the property and on the state of the market. In a hot market the majority of buyers would apply for a home loan with Aldermore and arrange for the valuation and only if it was satisfactory would they ask their property lawyer to press on with the conveyancing in Bagshot.
My partner and I are downsizing from our home in Bagshot and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local conveyancer would know this is not the case. It does beg the question why the purchasers instructed an internet conveyancing firm as opposed to a conveyancing solicitor in Bagshot. We have lived in Bagshot for many years we know of no issue. Is it a good idea to contact our local Authority to seek confirmation need.
It would appear that you have a conveyancing solicitor already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm remortgaging my primary house to a buy to let mortgage with Barnsley Building Society and I will use the rest of the raised equity as a down payment on further house. The neighborhood we are looking at is Bagshot. Will your lawyers be able to act for both sets of lenders and tie in the conveyances?
Make use of our comparison tool on this site to be sure that the lawyers are on the relevant lender panels. Having checked that they are the solicitor should be able to simultaneously deal with the two deals but you should have a chat with you lawyer and communicate your desired outcome and requirements.
My husband and I are novice buyers - had an offer accepted, yet the property agent advised that the vendor will only go ahead if we appoint their preferred solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a high street conveyancer accustomed to conveyancing in Bagshot
We suspect that the seller is not behind this requirement. Should the vendor desire ‘a quick sale', turning down a serious purchaser is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are motivated purchasers (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you will continue to instruct your preferred Bagshot conveyancing solicitors - rather thanthose that will provide their estate agent a commission or meet his conveyancing targets pre-set by HQ.
I am tempted by the attractive purchase price for a two flats in Bagshot which have in the region of 50 years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in Bagshot is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bagshot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Bagshot Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Does this lease have in excess of 82 years left? Is there a share of the freehold?