We're in Fenstanton, First timers purchasing with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property 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.
This question may be naive but I am unseasoned as a first time purchaser of a two bedroom flat in Fenstanton. Do I collect the keys to the house on the completion date from my conveyancer? If so, I will appoint a local conveyancing solicitor in Fenstanton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s solicitors, and once they have received this, you will be invited to pick up the keys from the property Agents and start moving into the property. Usually this occurs between 1 and 3pm.
I currently have a mortgage with Santander for my property in Fenstanton. 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 buy-to-let mortgage or inform Santander?
Santander must be informed of your intention in advance of letting out your property as this is likely to be a breach of Santander’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 Santander directly. You need not do this via a Santander conveyancing panel lawyer.
I was told three weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Fenstanton is approved on their conveyancing panel? Nottingham have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Various web forums that I have come across warn that are the main cause of stalling in Fenstanton house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Fenstanton.
I am purchasing a new build house in Fenstanton with a loan from The Mortgage Works. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not to tell my lawyer about the deal as it may impact my mortgage with the bank. 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.
I've recently bought a leasehold property in Fenstanton. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a 2 bed flat in Fenstanton, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Fenstanton with over 90 years remaining are worth £201,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2090
With only 65 years left to run the likely cost is going to be between £13,300 and £15,400 plus costs.
The suggested premium range 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 this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
How much experience do your Fenstanton conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Fenstanton conveyancing lawyers help thousands of buyers move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Fenstanton conveyancers have worked on recent similar matters.