Completed the sale of my flat in Cowes last March yet the purchaser is texting me to say her lawyer is waiting to hear from mine. What should have happened following completion?
Following your disposal your solicitor is duty bound to send the transfer deeds and all of the paperwork to the purchaser's solicitors. Where relevant, your solicitor should also send confirmation that the home loan has been redeemed to the purchasers lawyers. There are no post completion formalities unique to conveyancing in Cowes.
This question may be naive but I am unseasoned as FTB of a garden flat in Cowes. Do I pick up the keys to the property on the completion date from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Cowes?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the seller's lawyers, and shortly after the monies have arrived, you will be called to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
I am the only recipient of my late mum's estate and I have everything in my name now, including the house in Cowes. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be considered the same way as if I'd bought the house in October. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view mortgage companies take of it, depend on the lender as this provision is chiefly there to pick up on the purchase and immediately sell or the quick reselling of properties.
After shopping around on the internet I have found a Cowes lawyer having checked that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS 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 Cowes 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.
About to purchase a new build flat in Cowes. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Cowes
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan.
I decided to have a survey carried out on a house in Cowes before instructing solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend refuse to give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further 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 Cowes. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cowes to see if the conveyancing will be more expensive.
What are your top tips when it comes to choosing a Cowes conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Cowes conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Cowes conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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If they are not ALEP accredited then why not? How experienced is the firm with lease extension legislation?
Cowes Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
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Generally speaking the outlay for major works are not included within maintenance charges, albeit that there some managing agents in Cowes require tenants to pay into a reserve fund and this is used to offset against major repairs or maintenance. If a Cowes lease has fewer than 80 years it will affect the salability of the apartment. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. For most Coweslease extensions you will be required to have been the owner of the residence for 24 months in order to be eligible to extend the lease.
My husband and I are hoping to buy a four bedroom ground floor flatin Cowes with a home loan from a mortgage company. We wish to instruct our lawyer in Cowes however our mortgage company advise he's not on their "panel". It seems we have little choice but to instruct one of the our bank panel firms or stay with our Cowes conveyancer and pay for one of their panel ones to represent our lender. This seems very unfair; is there anything we can do?
Unfortunately,no. The bank mortgage offered to you is subject to conditions, one of which will be that lawyers will on the lender's conveyancing panel. in the past, most mortgage companies had large numbers of law firms on their panels, including almost all conveyancing solicitors in Cowes : a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for your lender.