We're in Brading, First timers buying with a mortgage (lender is Virgin Money , and our solicitor is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do I need to pay for insurance to cover chancel repairs when buying a property in Brading?
Unless a prior acquisition of the property completed after 12 October 2013 you could expect lawyers conducting conveyancing in Brading to remain encouraging a chancel search and or chancel repair liability insurance.
Despite weeks of looking the Title Certificate and documents to our home are lost. The conveyancers who dealt with the conveyancing in Brading 5 years ago have long since closed. Will I be able to sell the house?
You no longer need to have the physical original deeds to evidence that you own the land or premises, given that the Land Registry hold details of all registered land or property electronically.
I am buying my first flat in Brading with a mortgage from The Royal Bank of Scotland. The builders refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my conveyancer about the extras as it would put at risk my mortgage with the lender. Is this normal?.
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.
My husband and I are first time buyers - had an offer accepted, but the agent informed us that the seller will only go ahead if we appoint their chosen solicitors as they are insisting on an ‘expedited deal’. We would rather use a local solicitor with experience of conveyancing in Brading
It is highly unlikely the sellers are driving this. Should the vendor require ‘a quick sale', taking such a hostile approach to a genuine purchaser is likely to cause more damage than good. Try to communicate with the vendors directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your own,trusted Brading conveyancing solicitors - not the ones that will earn the estate agent a referral fee or meet his conveyancing figures set by HQ.
I have just started marketing my basement flat in Brading. Conveyancing is yet to be initiated, however I have just received a half-yearly service charge invoice – what should I do?
The sensible thing to do is clear the maintenance contribution as usual as all ground rent and maintenance invoices will be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I invested in buying a ground floor flat in Brading, conveyancing having been completed 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Brading with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2102
With 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.