Me and my fiance are acquiring a ground floor flat in Buckingham. My property lawyer has never been on on the bank solicitor list. Can I still retain my Buckingham conveyancing solicitor notwithstanding that they are not on the bank list of approved lawyers?
Various options include
- Complete the purchase with your preferred Buckingham lawyer but your mortgage company will need to use a conveyancer from their conveyancing panel. The net result is additional charges together with probable interruption.
- Choose a fresh property lawyer to act in the purchase, ensuring that they are on the lender conveyancing panel.
- Convince your property lawyer to attempt to join the mortgage company panel
I am acquiring a property mortgage free in Buckingham. I have been residing for the previous twelve years in Buckingham. Conveyancing searches are expensive. Given that I have knowledge of the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Buckingham conveyancing searches are non-obligatory. Your solicitor will ’encourage you, perhaps strongly, that you should have searches completed, but he is duty bound to take that path of guidance. Do take into account; if you are likely to sell the house in the future, it will be of interest to your future purchaser what the searches contain. Sometimes houses with day to day issues can still reveal unfavourable search results. A good conveyancing solicitor in Buckingham will be able to give you some practical advice here.
I purchased a freehold residence in Buckingham but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Buckingham and has limited impact for conveyancing in Buckingham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I happen to be the single recipient of my late father’s estate with all property in now in my sole name, including the house in Buckingham. The Buckingham property was put into my name in April. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be considered the same way as if I'd bought the property in April. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Most lenders would take a sensible view as this obligation is primarily there to capture subsales or the quick reselling of properties.
We were going to get a AIP from Bank of Ireland this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Buckingham solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Buckingham solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
After shopping around on the internet I have found a Buckingham lawyer having checked that they are on the Clydesdale conveyancing panel. Does my lawyer arrange the survey of the property?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale 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 Buckingham postcode. As you are getting a mortgage with Clydesdale, you could contact them to see if they have a list of approved surveyors in Buckingham.
I am looking into buying my first house which is in Buckingham and I am already nervous. I couldn't find anything specific about Buckingham. Conveyancing will be needed in due course but do you know about the Buckingham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Buckingham. In the meantime here are some basic statistics that we found
What makes a Buckingham lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Buckingham. All leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain elements of the building
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, 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, obliging the buyer to pull out.
I purchased a ground floor flat in Buckingham, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Buckingham with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2083
With only 58 years unexpired the likely cost is going to range between £23,800 and £27,400 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.