I am under pressure from the mortgagee in possession of a property in Dunston to sign contracts within four weeks. What can I do to hasten the conveyancing process?
In the event that the seller is applying time constraints for your conveyancing it is highly recommended that your lawyer is familiar with the location as they will make use of local relationships and intelligence. It is possible that they may have transacted previoushouses in the same road. Therefore consider using a Dunston conveyancing solicitor. Second, double check that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Dunston conveyancing transactions are frustrated or jeopardised after finding out that a buyer’s lawyer was not on their banks member panel. In many cases this discovery resulted in the transaction being held up by as much as 21 days. It is understood that this issue impacts approximately 100,000 home sales annually. Most Dunston conveyancing firms can not represent certain banks so do check as early as possible.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to instruct a Dunston based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel solicitors where you accept the "fee-free" deal. Contact the lender to check if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Dunston.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Dunston?
There are many registered licenced Conveyancers in Dunston and Solicitor practices in Dunston who can help with your conveyancing We would stress that the two are regulated professionals specialising in the legal work in transferring property. They may both also deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I have a mortgage with Coventry BS for my property in Dunston. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
You must advise Coventry BS in advance of renting 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. You need not do this via a Coventry BS conveyancing panel solicitor.
I recently had an offer accepted on an apartment in Dunston. My mortgage broker pressured me to appoint their conveyancer. I paid an on account payment of £150. A couple of days later, the solicitor called me to say that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm buying my first flat in Dunston with a loan from Godiva Mortgages Ltd. The builders would not budge the price so I negotiated 6k of additionals instead. The house builders rep told me not inform my lawyer about this side-deal as it would affect my mortgage with Godiva Mortgages Ltd. Should I keep quiet?.
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.
My partner has recommend that I instruct his conveyancing solicitors in Dunston. Should I find my own property lawyer?
Much as we are happy to recommend a Dunston conveyancing lawyer the best way to select a conveyancing practitioner is to seek feedback from friends or family who have previously instructed the solicitor you're contemplating using.
I am on look out for some leasehold conveyancing in Dunston. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in Dunston - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a 1 bedroom flat in Dunston, conveyancing formalities finalised in 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Dunston with an extended lease are worth £165,000. The ground rent is £50 yearly. The lease ceases on 21st October 2104
You have 78 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.