Last month we had a mortgage agreed in principle with Skipton. Fowey conveyancing practitioners are selected. What is the average time that one could expect to receive a mortgage offer from Skipton?
Some lenders take longer than others. Have Skipton completed the survey? Have you advised Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My fiancee and I are spending time viewing flats in Fowey and I am now considering a potential offer. Should I already have a property lawyer in place at this point? I will be getting a mortgage with Kent Reliance.
It would be sensible to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are getting a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property in Fowey off the council. I have a mortgage offer with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I require expedited conveyancing in Fowey as I have pressure to complete in less than one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
As you are are a cash buyer you are at free not to do searches although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in Fowey the following are instances of what can appear and therefore impact future mortgageability: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
In what way can the Landlord & Tenant Act 1954 impact my business premises in Fowey and how can you help?
The particular law that you refer to provides protection to business tenants, granting the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and handle your commercial conveyancing in Fowey
We are 18 days into a residential purchase having been referred to a firm by the estate agent to execute conveyancing in Fowey. I am am starting to be dissatisfied with the level of service. Can you help me find new conveyancers?
They would have to be very bad in order to consider changing them. Has your loan offer been issued? In the event that it has you will need to make them aware of the new lawyer and ensure the offer are re-sent. Your conveyancer should be on the mortgage company approved list to avoid escalating fees and delays. So that should be your first question of the new conveyancers. The find a solicitor tool should assist you in finding a lender approved conveyancer for your conveyancing in Fowey
I am attracted to a couple of flats in Fowey which have approximately fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Fowey is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. On a more upbeat 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 premises 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 Fowey 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
I bought a ground floor flat in Fowey, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Fowey with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2088
With just 63 years left to run we estimate the premium for your lease extension to range between £16,200 and £18,600 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
I am due to review estimates for conveyancing in Fowey from numerous property lawyer and decide on one. Am I right to get them to sit tight until I have found somewhere to purchase.
We suggest that you only get your conveyancing practitioner to start work and submit searches after the offer has been agreed to on the property particularly as Fowey conveyancing searches are costly.