My husband and I have organised the release of further funds on our home loan from Principality as we intend to carry out improvements to our property in Crawley Down. Are we obliged to select a nearby Crawley Down solicitor on the Principality conveyancing panel to handle the paperwork?
Principality do not ordinarily instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
My wife and I are at the point of viewing flats in Crawley Down and I am about to put in an offer. Is it wise to have my solicitor on ‘stand by’? I will be getting a home loan with Nationwide.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are getting a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
The mortgage over my property is with RBS for my property in Crawley Down. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval prior to letting out your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will permit you to let 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel firm.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Crawley Down?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Crawley Down. 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…’
How does conveyancing in Crawley Down differ for new build properties?
Most buyers of new build premises in Crawley Down come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Crawley Down usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Crawley Down or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and found one close by in Crawley Down I like with a park and railway links in the vicinity, however it's only got 51 years on the lease. There is not much else in Crawley Down in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I've recently bought a leasehold property in Crawley Down. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Crawley Down Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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You should be aware if it is no more than 80 years it will affect the marketability of the property. It is worth checking with your bank that they are happy with residual term of the lease. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you will need to own the property for 24 months before you are eligible to extend the lease. Is anyone aware of any major works anticipated that will add a premium to the service fees? What is the name of the managing agents?
My cousin is buying a shared ownership flat in Crawley Down. He was given a quote by the property lawyer recommended by the selling agents and it came to £1156 . It was eight years ago I sold and bought a home and the bill was £600. Have fees really gone up that much?
You should visit 3 or 4 local Crawley Down conveyancing firms seeking prices. You should base your decision not only on cost, but on promptness and on how comprehensive the reply was.