We're in Calcot, FTBs purchasing with a mortgage (lender is Barclays , and our solicitor is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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.
This question may be naive but I am unseasoned as a first time buyer of a ground floor flat in Calcot. Do I collect the keys to the property on completion from my solicitor? If so, I will instruct a High Street conveyancing solicitor in Calcot?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you will be called to collect the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
I happen to be the sole beneficiary of my late father’s estate and I have everything in my name alone, including the house in Calcot. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership could be considered the same way as though I had purchased the house in January. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view lenders take of it, depend on the bank as this provision is primarily there to capture the purchase and immediately sell or the quick reselling of properties.
I am due to exchange contracts on my flat. I had a double glazing fitted in August 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Leeds Building Society are being a right pain. The Calcot solicitor who is on the Leeds Building Society conveyancing panel is recommending indemnity insurance as a solution but Leeds Building Society are insisting on a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
What will a local search inform me regarding the house I am purchasing in Calcot?
Calcot conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as PSG The local search is essential in every Calcot conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Calcot?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Calcot. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am downsizing from my home. My previous solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Calcot if that makes things easier.
Do use our search tool to help you find a solicitor for your conveyancing in Calcot. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.
I am looking at a two flats in Calcot both have about forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Calcot is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Calcot conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a basement flat in Calcot, conveyancing was carried out in 2008. Can you work out an approximate cost of a lease extension? Similar flats in Calcot with over 90 years remaining are worth £202,000. The ground rent is £60 per annum. The lease terminates on 21st October 2083
With just 57 years remaining on your lease the likely cost is going to span between £28,500 and £33,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.