Me and my wife are acquiring residence in Cholsey. My lawyer is not listed on the mortgage company conveyancing list. Am I still permitted to continue with my Cholsey conveyancing solicitor even though they are excluded from the lender panel?
One will need to use a conveyancer to complete the legal work required if you need a mortgage to purchase your property. The solicitor will conduct all the essential investigations on the property, ensuring that you’re registered as proprietor and ensure that all the necessary mortgage paperwork is dealt with. You could appoint a Cholsey conveyancing practitioner of your choice. However, where the property lawyer appointed is not a member of the mortgage company conveyancing panel further charges will be incurred as separate legal representation will be need by the bank. Bank panel applications can be submitted, so if your conveyancer has not previously sought membership they should take the chance to apply.
Last October we completed a house move in Cholsey. We have noticed several problems with the house which we believe were missed in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that should have been carried out for conveyancing in Cholsey?
It is not clear from the question as what problems have arisen and if they are specific to conveyancing in Cholsey. Conveyancing searches and investigations undertaken as part of the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a property owner completes a document called a SPIF. answers is incorrect, you could possibly take legal action against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Cholsey.
How can we know in advance if a Cholsey conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Cholsey getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor handling your conveyancing.
My wife and I have organised a further advance on our home loan from Coventry BS as we want to conduct improvements to our house in Cholsey. Do we need to choose a high street Cholsey solicitor on the Coventry BS conveyancing panel to handle the paperwork?
Coventry BS don't usually require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS conveyancing panel.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Cholsey solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS 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. You may wish to consider appointing your own Cholsey surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been on the look out for a flat up to £195,000 and found one round the corner in Cholsey I like with open areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Cholsey in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
What does commercial conveyancing in Cholsey cover?
Cholsey conveyancing for business premises incorporates a wide array of services, given by qualified solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I work for a busy estate agency in Cholsey where we have experienced a few flat sales derailed due to short leases. I have received contradictory information from local Cholsey conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a 2 bed flat in Cholsey, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Cholsey with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease terminates on 21st October 2095
You have 70 years unexpired the likely cost is going to span between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.