This question may be naive but I am wet behind the ears as a first time purchaser of a two bedroom flat in East and West Horsley. Do I collect the keys to the property on completion from my lawyer? If so, I will appoint a High Street conveyancing solicitor in East and West Horsley?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you will be invited to collect the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
We have agreed to purchase a house in East and West Horsley. A rare aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Virgin Money your lawyer must comply with the conveyancing requirements contained in Part two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to Virgin Money where a lease does not satisfy these provisions. The provisions relate to the installation of panels on properties nationwide and is not limited to East and West Horsley.
I currently have a mortgage with RBS for my property in East and West Horsley. Conveyancing was finalised 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 BTL mortgage or inform RBS?
RBS must be informed of your intention in advance of 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 lawyer.
I am buying my first flat in East and West Horsley with the aid of help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my conveyancer about this side-deal as it would jeopardize my loan with Norwich and Peterborough Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Taking into account that I am about to spend £400,000 on a garden flat in East and West Horsley I wish to have a conversation with the conveyancer regarding thetransaction before giving the go ahead to the firm. Is this something that you can arrange?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer due to be doing your property ownership legalities in East and West Horsley.There is no ‘factory style conveyancing’ - each client is unique person, not a case reference. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in East and West Horsley should be the amount on the final invoice that you are charged.
We are a fortnight into a freehold purchase having been referred to solicitors by the local agent to execute conveyancing in East and West Horsley. I am not happy. Could you help me find new lawyers?
A lawyer would need to be really bad in order to consider diss instructing them. Has the loan offer been issued? If so you must advise them of the replacement solicitor and ensure the offer are re-sent. Your new solicitor ideally needs to be on the banks approved list to avoid supplemental costs and frustration. That should be your starting point. The search tool can assist you in finding a bank approved conveyancer for your conveyancing in East and West Horsley
I am attracted to a couple of flats in East and West Horsley which have about fifty years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in East and West Horsley is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with East and West Horsley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
East and West Horsley Leasehold Conveyancing - Sample of Questions you should consider Prior to buying
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It is important to be aware whether redecorating or some other significant cost is anticipated to be shared amongst the leaseholders and will dramatically increase the the service charges or necessitate a one time invoice. It would be wise to discover as much as you can regarding the managing agents as they can either make your life much simpler or much more difficult. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to daily issues such as the cleanliness of the common parts. Ask prospective neighbours what they think of them. In conclusion, investigate as to the dates that the service fees are due to the relevant party and precisely what you get for your money. The prefered form of lease arrangement is a share of the freehold. In this situation the tenants enjoy being in charge if their destiny and even though a managing agent is usually employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
How much should conveyancing in East and West Horsley cost?
The amount you are charged for conveyancing in East and West Horsley are likely to be calculated at:
- a set fee; or
- an hourly rate (i.e. the time spent on the particular case).
In practice you seldom hear of East and West Horsley conveyancing companies charge on time basis