I am considering applying for a RBS mortgage for purchase of a new build (under development) in Ettington with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
In theory, you could use a solicitor that is not on the RBS conveyancing panel, but RBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
My uncle pointed out to me me that in buying a property in Ettington there could be various restrictions limiting what one can do in terms of external alterations to a property. Is this right?
We are aware of anumerous of properties in Ettington which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Ettington should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have instructed a Ettington 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. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Ettington postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Ettington.
I have finally had an offer on an apartment in Ettington agreed to, but there is a chain. The owners have offered on on an apartment, but it’s not yet tied up, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Ettington. What do I do now? At what point should I apply for the mortgage with Virgin Money?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of £1k, then valuation, Ettington conveyancing search charges, etc). First, you should ensure that your property lawyer is on the Virgin Money conveyancing panel. Regarding the subsequent steps this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. In a hot market many purchasers will apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they pay their solicitor to proceed with the conveyancing in Ettington.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Ettington?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Ettington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Ettington with a loan from Birmingham Midshires. The developers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not reveal to my conveyancer about the side-deal as it will affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
What makes your site different to alternative online quote calculators when it comes to conveyancing in Ettington?
At this site obtain a fixed fee quote from a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Ettington. As opposed to estate agents and many comparison sites we do not charge firms a commission if you instruct them for your conveyancing in Ettington
I am a negotiator for a busy estate agency in Ettington where we see a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Ettington conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 1 bedroom flat in Ettington, conveyancing was carried out September 2001. How much will my lease extension cost? Corresponding flats in Ettington with an extended lease are worth £206,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2090
With just 65 years left to run we estimate the price of your lease extension to range between £13,300 and £15,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.