It is is a decade since I purchased my property in Braunstone. Conveyancing lawyers have just been retained on the sale but I can't track down the deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be with the lender or they could be archived with the conveyancers who handled the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Most conveyancing in Braunstone involves registered property but in the unlikely event that your property is unregistered it is more tricky but is not insurmountable.
Are all Braunstone Conveyancing Quality Solicitors on the RBS conveyancing panel?
Some major lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
Last month we had a mortgage agreed in principle with Principality. Braunstone conveyancing practitioners are 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 valuation? Have you advised 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.
I am currently in the process of buying my council flat in Braunstone. I have a mortgage agreed with Co-operative. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use 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 Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
2 months have elapsed since my purchase conveyancing in Braunstone concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 asset 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Braunstone is where the house is located. Is there any advice you can impart?
Flying freeholds in Braunstone are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Braunstone you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Braunstone 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 residence.
I'm converting the mortgage on my existing home to a buy to let mortgage with Nottingham Building Society and intend to use the remaining equity as a deposit on a second property. The area we are looking at is Braunstone. Will your solicitors be able to act for the two mortgage companies and tie in the transactions?
Make use of our search tool on this site to check that the lawyers are on the relevant lender panels. Assuming that they are your lawyer will be able to tie up the two conveyancing matters but you should talk with you solicitor and specify your desired outcome and requirements.
I work for a busy estate agent office in Braunstone where we see a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Braunstone conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I own a garden flat in Braunstone, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Braunstone with an extended lease are worth £190,000. The ground rent is £45 yearly. The lease ends on 21st October 2088
With just 62 years left to run we estimate the price of your lease extension to range between £17,100 and £19,800 plus 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 extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.