I plan on buying a maisonette in Botley. My Conveyancer has never been on on the mortgage company conveyancing panel. Can I still retain my Botley conveyancing solicitor even though they are not on the lender panel of approved conveyancing solicitors?
You must use a solicitor to complete the formalities if you require a loan to buy your property. They will carry out all the appropriate investigations on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage documentation is in order. You could select a Botley property lawyer of your choosing. Nevertheless, where the property lawyer appointed is not a member of the bank conveyancing panel supplemental fees will arise as separate legal representation will be required by them. Lender panel applications may be submitted, so if your lawyer has not historically applied for membership they can do so.
My wife and I are purchasing a flat in Botley. It might be a silly question but how we can trust a conveyancer? At some point we will need to send money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are planning to move house in October. Should my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you suggest a removal company in Botley. Conveyancing lawyer was chosen prior to coming across your site.
On the day of completion you can pick up the keys from your property agent but this should only take place once the vendors lawyers advise the agent that they have the completion monies and the keys can be released. Subsequently you can tell the removal men that you are ready to move in. We do not recommend a specific removal organisation but can assist you in finding a residential property solicitor in Botley or a firm with expertise in conveyancing in Botley.
We had chosen solicitors based in Botley on the Nottingham solicitor panel. They have just invoiced me a supplemental amount for handling the Nottingham mortgage. Is this an additional conveyancing fee set by Nottingham?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer can charge a fee for this. The fee is not dictated by Nottingham but by your Botley conveyancing practitioner. Plenty of firms on the Nottingham panel will quote ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
I am buying a new build house in Botley with the aid of help to buy. The builders would not reduce the price so I negotiated 6k of additionals instead. The house builders rep told me not inform my solicitor about this extras as it would jeopardize my mortgage 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 opted to have a survey carried out on a house in Botley in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some banks may not give a loan on this type of home.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Botley. Conveyancing may be slightly more expensive based on your lender's requirements.
My partner has urged me to instruct his lawyers for conveyancing in Botley. Should I use them?
Much as we are happy to recommend a Botley conveyancing lawyer the best way to choose a conveyancing practitioner is to have referrals from friends or relatives who have previously instructed the solicitor you're considering.
I am tempted by the attractive purchase price for a couple of maisonettes in Botley which have in the region of forty five years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Botley is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Botley 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
I purchased a leasehold flat in Botley, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Botley with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ends on 21st October 2082
With only 57 years remaining on your lease the likely cost is going to span between £26,600 and £30,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.