I am considering applying for a Yorkshire BS mortgage for purchase of a new build (under development) in Bow Street with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?
In theory, you could use a solicitor that is not on the Yorkshire BS conveyancing panel, but Yorkshire BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
This question may be naive but I am wet behind the ears as a 1st time purchaser of a garden flat in Bow Street. Do I receive the keys to the premises on the completion date from my solicitor? If this is the case, I will find a local conveyancing solicitor in Bow Street?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the owner’s conveyancers, and once they have received this, you should be able to pick up the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
The formalities of my remortgage has taken place for my property in Bow Street. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
After shopping around on the internet I have found a Bow Street solicitor having checked that they are on the Yorkshire BS conveyancing panel. Does my lawyer arrange the survey of the property?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS 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 conveyancing practitioner 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 Bow Street postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Bow Street.
It has been four months following my purchase conveyancing in Bow Street concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 premises 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.
I opted to have a survey done on a property in Bow Street in advance of instructing conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies will refuse to grant a loan on such a property.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bow Street. Conveyancing will be smoother if you use a solicitor in Bow Street especially if they regularly deal with such properties in Bow Street.
My husband and I are FTB’s - agreed a price, yet the selling agent advised that the seller will only move forward if we instruct their recommended conveyancers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local conveyancer who is accustomed to conveyancing in Bow Street
We suspect that the seller is unaware of this demand. If they desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is is going to put the whole deal at risk. Bypass the agents and go straight to the owners and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you are going to use your preferred Bow Street conveyancing firm - rather thanthe ones that will give the estate agent a kickback or achieve conveyancing figures demanded by HQ.
Are there frequently found problems that you see in leases for Bow Street properties?
Leasehold conveyancing in Bow Street is not unique. All leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the building A duty to insure the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Chelsea Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.
I bought a split level flat in Bow Street, conveyancing formalities finalised in 2011. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Bow Street with an extended lease are worth £180,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2085
With 59 years unexpired we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.