We're in Eccleston, First time buyers buying with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I just acquired a house at auction in Eccleston. Conveyancing is required. What happens now?
Having legally committed yourself to purchase you should instruct a conveyancing lawyer quickly as you are faced with a tight deadline in which to complete the purchase. An auction property will have a bespoke legal set of papers. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You must give this to the conveyancer working for you ASAP. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
I currently have a mortgage with Bank of Ireland for my property in Eccleston. Conveyancing has been completed months ago. Should I wish 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 Bank of Ireland?
Bank of Ireland must be informed of your intention prior to letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
I am selling my apartment. I had a double glazing fitted in November 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Virgin Money are being problematic. The Eccleston solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Eccleston. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Eccleston
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Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I am looking for a leasehold apartment up to £245,000 and found one close by in Eccleston I like with open areas and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Eccleston suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I am one month into a leasehold purchase having been recommend to solicitors by the estate agent to perform conveyancing in Eccleston. I am am very disappointed with the quality of service. Can you help me find new conveyancers?
They would have to be very bad in order to consider changing them. Has your mortgage offer been issued? If so you need to advise them of the new conveyancer and get the mortgage documents are re-sent. The solicitor ideally needs to be on the mortgage company approved list to avoid supplemental expenses and complications. That should be your first question of the new conveyancers. The search tool should help you find a lender approved solicitor for your conveyancing in Eccleston
Due to exchange soon on a basement flat in Eccleston. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Eccleston should include some of the following:
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Does the lease require carpeting throughout thus preventing wood flooring? Are pets allowed in the flat? Changes to the flat The physical extent of the property. This will be the flat itself but might include a roof space or cellar if applicable. What remedies are open the freeholder should you breach a clause of your lease?
I purchased a 2 bed flat in Eccleston, conveyancing formalities finalised in 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Eccleston with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2084
You have 58 years left to run the likely cost is going to span between £21,900 and £25,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. 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 take any other action placing reliance on this information without first getting professional advice.