We're in Enderby, FTBs buying with a mortgage (lender is RBS , and our solicitor is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
Forgive me if this question is silly but I am new to the home moving as a first time purchaser of a two bedroom flat in Enderby. Do I receive the keys to the house on completion from my lawyer? If so, I will appoint a High Street conveyancing solicitor in Enderby?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the seller's solicitors, and once they have received this, you should be called to pick up the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
Completion of my purchase has taken place for my property in Enderby. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Lloyds have agreed my home loan in principle, my bid on a flat in Enderby has been accepted, what happens next?
The estate agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Contact Lloyds or your financial adviser and finalise any appropriate forms. Lloyds will instruct a valuer who will get in touch with the selling agent or owners to book a time for the valuation to take place. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Lloyds will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Enderby.
I require fast conveyancing in Enderby as I am faced with an ultimatum to exchange contracts within 2 weeks. Luckily I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not getting a home loan you are at liberty not to have searches carried out although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Enderby the following are examples of issues that can crop up and therefore impact future mortgageability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Road Schemes,...
I'm buying a new build house in Enderby with the aid of help to buy. The developers refused to move on the price so I negotiated £7000 of additionals instead. The sale representative advised me not to tell my solicitor about this extras as it could impact my mortgage with the lender. Is this normal?.
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.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Enderby. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Enderby are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Enderby so you should seriously consider looking for a Enderby conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I purchased a split level flat in Enderby, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Enderby with a long lease are worth £197,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2080
With just 55 years left to run the likely cost is going to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.