I currently have a mortgage with Coventry BS for my property in Dorking. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
You must advise Coventry BS before letting out your property as this is likely to be a breach of Coventry BS’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 Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel solicitor.
After shopping around on the internet I have found a Dorking conveyancer having checked that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds 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 Dorking 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.
RBS have agreed my home loan in principle, my bid on a apartment in Dorking has been accepted, what happens next?
Your property agent will wish to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s approved list). Call up RBS or the broker and finish off any outstanding forms. RBS will instruct a valuer who will get in touch with the estate agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. RBS will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Dorking.
I need some expedited conveyancing in Dorking as I am under an ultimatum to sign on the dotted line in less than 4 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
As you are not getting a home loan you are at free not to do searches although no conveyancer would recommend that you don't. With plenty of history conveyancing in Dorking the following are examples of what can show up and adversely impact future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
My wife and I own a renovated Victorian property in Dorking. Conveyancing solicitor acted for me and Platform Home Loans Ltd. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the exact same property. Is it worth asking Platform Home Loans Ltd to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Dorking and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing solicitor who completed the work.
I have been on the look out for a ground for flat up to £195,000 and identified one round the corner in Dorking I like with amenity areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Dorking suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage that many years will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
My fiance and I may need to let out our Dorking garden flat for a while due to a career opportunity. We used a Dorking conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Dorking do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I purchased a garden flat in Dorking, conveyancing having been completed December 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Dorking with a long lease are worth £260,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2101
With only 75 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. 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 without first seeking the advice of a professional.
My mother and father cant seem to find their Dorking property on the HMLR online search facility. They have a vague recollection sixty years ago when they acquired the bungalow there were complications concerning the post code not being recognised in some systems.
Almost all premises in Dorking should be revealed. Have you endevoured to search to just the postcode. Normally it will reveal all the residences within the postcode. Where registered it will be there with a title number. If they bought 48 years ago it's conceivable it may be unregistered. The property might still be revealed but with the title number shown 'na'. In this scenario you will need to find the original title documentation which may be with your parent’s lender.