Two weeks ago we had a mortgage agreed in principle with TSB. Botany Bay conveyancing lawyers have been instructed. How long does it take for TSB to forward the offer to the lawyer?
There is no definitive answer here. Have TSB completed the valuation? Have you informed TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have decided to exercise my right to buy my property in Botany Bay off the council. I have a mortgage offer with Nationwide. 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 Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Botany Bay solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Botany Bay postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Botany Bay.
Despite weeks of looking the Title Certificate and documents to my house are lost. The solicitors who handled the conveyancing in Botany Bay 5 years ago no longer exist. What are my options?
These day there are copies made of almost everything, and your conveyancer will be aware precisely where to find all the appropriate documentation so you can purchase or sell your house without a hitch. Where copies can’t be located, your solicitor can put in place insurance or indemnities protecting you against future claims on the premises.
I'm purchasing a new build house in Botany Bay with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not disclose to my solicitor about this side-deal as it will impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Botany Bay is where the house is located. What do you suggest?
Flying freeholds in Botany Bay are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Botany Bay you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Botany Bay may determine 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'm remortgaging my existing property to a BTL loan with Britannia and intend to use the remaining equity as a deposit on a second house. The area we are looking at is Botany Bay. Will your lawyers be able to act for both sets of banks and tie in the two deals?
Make use of our comparison tool on this page to ensure that the conveyancers are approved by both banks. On the basis that they are your solicitor should be able to tie up the two transactions but you should have a chat with you solicitor and specify your expectations and requirements.
I am employed by a reputable estate agency in Botany Bay where we have witnessed a few leasehold sales derailed due to short leases. I have been given conflicting advice from local Botany Bay conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Botany Bay conveyancing firm to help?
Absolutely. We are happy to put you in touch with a Botany Bay conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Botany Bay property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The unexpired term was 70.31 years.