I plan on buying an apartment in Bredon. My lawyer is not listed on the mortgage company approved list. Is it possible for me to continue with my Bredon conveyancing solicitor even though they are excluded from the bank approved list?
One will need to instruct a conveyancing practitioner to deal with the formalities when you require a loan to buy your property. They will conduct all the relevant due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage documentation is in order. One could instruct a Bredon lawyer of your choosing. However, if the conveyancing practitioner appointed is not on the lender approved list further costs will be levied as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so if your conveyancer has not in the past applied for membership they should take the chance to apply.
The owners have rather assertive vendors who has recommended a exclusivity agreement with a down payment two thousand pounds. Is it wise to enter into such agreements?
There are two primary drawbacks with signing a lock out agreement (sometimes referred to as a shut-out contract) is that it diverts attention away from making progress with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it could turn out to be a hindrance. It is not strongly advocated by Bredon conveyancing lawyers for this reason. A supplemental issue is the extent of the remedies available - a jilted purchaser is not likely to be granted injunctive relief to prohibit the seller selling to another buyer, so the only remedy available under the contract will be the recovery of abortive charges and, in limited circumstances, the extra payment of damages.
My grandmother passed away six months ago and as sole heir and executor I was left the property in Bredon. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to RBS, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then RBS will require that you use a conveyancer on the RBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS mortgage is registered as a charge at the Land Registry.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, no chain conveyancing. Bredon is where the house is located. Is there any advice you can give?
Flying freeholds in Bredon are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bredon you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bredon may decide 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 premises.
Hoping to buy a property located in Bredon and I am already nervous. I couldn't find anything specific about Bredon. Conveyancing will be needed in due course but do you know about the Bredon area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Bredon. In the meantime here are some basic statistics that we found
I've recently bought a leasehold flat in Bredon. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in Bredon, conveyancing formalities finalised half a dozen 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? Similar flats in Bredon with over 90 years remaining are worth £192,000. The ground rent is £55 invoiced annually. The lease ends on 21st October 2079
With just 54 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.