I am currently in the process of buying my council flat in Chipping Sodbury. I have a mortgage offer with Co-operative. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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.
The mortgage over my property is with Virgin Money for my property in Chipping Sodbury. Conveyancing has been completed months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval before letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel lawyer.
My sealed bid on a property in Chipping Sodbury has been accepted, the vendors do however have an associated purchase. The vendors have placed an offer on somewhere, however it’s not been accepted yet, and are looking at other flats booked. I have selected a nearby conveyancing solicitor in Chipping Sodbury. What do I do now? At what stage do I apply for the mortgage with Leeds Building Society?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Chipping Sodbury conveyancing search charges, etc). The first course of action is to ensure that your solicitor is on the Leeds Building Society approved list. As to the next phase this very much depends on the specifics of your case, desire for this property and on the state of the market. During a hot market the majority of purchasers would apply for the mortgage with Leeds Building Society and arrange for the valuation and only if it comes back ok would they ask their conveyancer to move forward with the conveyancing in Chipping Sodbury.
It has been 3 months following my purchase conveyancing in Chipping Sodbury took place. I have checked the Land Registry site which shows that I paid £150,000 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 property 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.
I am purchasing my first flat in Chipping Sodbury with a loan from Coventry Building Society. The developers would not reduce the amount so I negotiated £7000 of extras instead. The estate agent told me not inform my solicitor about this deal as it may jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I opted to have a survey carried out on a house in Chipping Sodbury in advance of instructing conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some mortgage companies tend refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Chipping Sodbury. Conveyancing will be smoother if you use a solicitor in Chipping Sodbury especially if they are familiar with such properties in Chipping Sodbury.
I'm remortgaging my primary home to a buy to let mortgage with Barclays and I will use the ballance of the raised equity as a deposit on another property. The neighborhood we are looking at is Chipping Sodbury. Will your solicitors be able to act for both sets of banks and tie in the conveyances?
Do use our comparison tool on this site to check that the conveyancers are approved by both mortgage companies. Having checked that they are your solicitor will be able to connect the two transactions but you should talk with you conveyancer and communicate your expectations and requirements.
I am tempted by the attractive purchase price for a couple of apartments in Chipping Sodbury both have about forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Chipping Sodbury is a wasting 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 property. For most buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Chipping Sodbury 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 the agreed 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 purchased a studio flat in Chipping Sodbury, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Chipping Sodbury with a long lease are worth £180,000. The ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2084
With only 58 years left to run the likely cost is going to be between £22,800 and £26,400 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply 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 may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.