I am acquiring a property without a mortgage in Beacon Hill. I have resided for the last 20 years in Beacon Hill. Conveyancing searches are expensive. As I have knowledge of the road and vicinity very well must I have all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the Beacon Hill conveyancing searches are optional. Your conveyancer will try and steer you, perhaps strongly, that you should have searches carried out, but she is duty bound to take that path of guidance. One thing to take into account; if you are going to sell the house one day, it could be of relevance to your prospective purchaser what the searches disclose. On occasion properties with apparent issues can still reveal unexpected search results. A competent conveyancing solicitor in Beacon Hill will provide you some practical guidance concerning this.
I am purchasing a property in Beacon Hill. A rare aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Bank of Ireland your lawyer must check the formal requirements set out in Section two of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Bank of Ireland where a lease does not satisfy these conditions. The specifications relate to the installation of panels on properties nationwide and is not restricted to Beacon Hill.
I am currently in the process of buying my council flat in Beacon Hill. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
Intending to buy a maisonette in Beacon Hill. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the RBS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Beacon Hill lawyer is on the RBS conveyancing panel.
Should our solicitor be raising questions about flooding as part of the conveyancing in Beacon Hill.
The risk of flooding is if increasing concern for lawyers dealing with homes in Beacon Hill. Some people will purchase a property in Beacon Hill, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, but there are a various checks that may be undertaken by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Beacon Hill. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to discover if the premises has suffered from flooding. If flooding has previously occurred which is not notified by the vendor, then a buyer could issue a legal claim for losses stemming from an inaccurate response. A buyer’s lawyers will also commission an enviro report. This should disclose if there is a recorded flood risk. If so, further investigations should be conducted.
five months have gone by since my purchase conveyancing in Beacon Hill took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
In searching the world wide web for the phrase conveyancing in Beacon Hill it reveals numerous solicitorsin the vicinity. With so much choice what is the best way to find the suitable property lawyer for purchase transaction?
The best way of choosing a suitable conveyancer is via trusted referral, so ask friends and relatives who have purchased a property in Beacon Hill or the respected estate agent or mortgage broker. Costs for conveyancing in Beacon Hill vary, so it's a good idea to request a minimum of four costs illustrations from different companies. Be sure to secure confirmation that the fees are fixed.
I work for a busy estate agency in Beacon Hill where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Beacon Hill conveyancing firms. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a ground floor flat in Beacon Hill, conveyancing was carried out 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Beacon Hill with a long lease are worth £192,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2079
With 54 years unexpired we estimate the price of your lease extension to span between £32,300 and £37,400 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.