We have a mortgage agreed in principle with Principality. Bishops Stortford conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from Principality?
Some lenders take longer than others. Have Principality done the survey? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Nationwide have agreed my mortgage in principle, my bid on a property in Bishops Stortford has been accepted, now what?
The property agent will wish to be informed of your conveyancer's details (ensure that the property lawyers are on the lender’s panel). Call up Nationwide or the financial adviser and complete any outstanding documentation. Nationwide will sellect a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Nationwide 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 Bishops Stortford.
After what feels like an age I have had an offer on a flat in Bishops Stortford agreed to, the owners do nevertheless have a connected purchase. The vendors have offered on a flat, but it’s not yet tied up, and are looking at other flats booked. I have selected a nearby conveyancing solicitor in Bishops Stortford. What do I do now? When should I get the mortgage application with Skipton going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then survey, Bishops Stortford conveyancing search costs, etc). The first course of action is to ensure that your conveyancer is on the Skipton conveyancing panel. Regarding the next steps this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. During a buoyant market some buyers would apply for the mortgage with Skipton and pay for the valuation and only if it was satisfactory would they ask their property lawyer to move forward with searches.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Bishops Stortford is where the house is located. What do you suggest?
Flying freeholds in Bishops Stortford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bishops Stortford you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bishops Stortford 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 property.
Am I right to be concerned that estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm rather than a local Bishops Stortford conveyancing company?
As with lots of professional services, often suggestions from relatives can be extremely useful or valuable. But there are lots of players in a conveyancing deal; estate agents, financial adviser and banks may recommend lawyers to appoint. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there may be a commercial relationship behind the recommendation. You are free to select your own lawyer. Don't forget that many mortgage providers specify a panel list of lawyers you are obliged to use for the mortgage related work in your transaction.
My husband and I are 3 weeks into a freehold purchase having been recommend to conveyancers by the high street agent to handle our conveyancing in Bishops Stortford. I am am very frustrated with the level of service. Could you you assist me in finding new solicitors?
They would have to be really poor in order to consider diss instructing them. Has the loan offer been generated? If so you must advise them of the new lawyer and ensure the loan are issued to the new lawyers. The conveyancer needs to be on the lenders approved list to avoid added charges and frustration. That should be your first question of the new conveyancers. The search tool should help you find a bank approved lawyer for your home move in Bishops Stortford
I am tempted by the attractive purchase price for a couple of flats in Bishops Stortford both have approximately 50 years unexpired on the leases. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area.
I bought a ground floor flat in Bishops Stortford, conveyancing was carried out May 2002. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Bishops Stortford with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2088
With 62 years remaining on your lease we estimate the premium for your lease extension to be between £17,100 and £19,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns 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 placing reliance on this information without first getting professional advice.
My mum and dad are experiencing difficulties in finding their Bishops Stortford land registry title on the online search facility. They have a vague memory back in the 70’s when they purchased the bungalow there were complications regarding Bishops Stortford not being recognised in some systems.
The vast majority of premises in Bishops Stortford should be revealed. Have you attempted a search with simply the postcode. Normally it will disclose all the houses and flats within that postcode. Assuming the property is registered it will show up with a title number. If they bought back in the 70’s it's conceivable it may be not yet registered. The address might still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title deeds which may be with your parent’s lender.