We're in Brixham, FTBs buying with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham 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.
Various internet forums that I have frequented warn that are the main reason for obstruction in Brixham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Brixham.
I got the keys to my house on 8 July and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Brixham advises it will be registered inside ten days. Are titles in Brixham particularly slow to register?
As far as conveyancing in Brixham registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can vary subject to who lodges the application, whether there are errors and whether the Land registry need to notify any other persons or bodies. At present roughly three quarters of such applications are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Historically registration occurs after the new owner has moved in to the property thus an expedited registration is not typically an essential issue but where it is urgent that the the registration takes place urgently then you or your solicitor must speak with the land registry and explain the circumstances.
I am buying a new build house in Brixham with a mortgage from Accord Mortgages Ltd. The builders would not move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not reveal to my solicitor about this side-deal as it will impact my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
We're FTB’s - agreed a price, but the selling agent advised that the owners will only move forward if we use the agent's chosen conveyancers as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street solicitor accustomed to conveyancing in Brixham
We suspect that the owner is unaware of this ultimatum. If they require ‘a quick sale', taking such a hostile approach to a genuine buyer is likely to cause more damage than good. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Brixham conveyancing solicitors - not the ones that will provide the negotiator at the agency a commission or meet his conveyancing figures set by HQ.
What makes a Brixham lease problematic?
There is nothing unique about leasehold conveyancing in Brixham. Most leases are drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Coventry Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I purchased a 1st floor flat in Brixham, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Corresponding properties in Brixham with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2091
With just 66 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.