I do hope you can help me. My Gloucester conveyancer is advising me that she is duty bound toapply for Gloucester conveyancing searches stemming from the fact thatthe firm are on the Lloydsapproved lawyer panel. Is this really necessary?
You have limited options available to you. As you are taking a mortgage with a lender your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Gloucester conveyancing searches.
I am expecting a DIP from Virgin Money this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Gloucester solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Gloucester solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
I am currently in the process of buying my council flat in Gloucester. I have a mortgage offer with UBS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 UBS, you will need to appoint a solicitor on the UBS conveyancing panel.
I can not fathom if my bank requires a lease extension. I have telephoned my Gloucester building society branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Gloucester conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. Who do I believe?
The property lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have todayfound out that Wolstenholmes have been shut down. They carried out my conveyancing in Gloucester for a purchase of a freehold house 18 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Gloucester conveyancing specialists.
How does conveyancing in Gloucester differ for newly converted properties?
Most buyers of new build residence in Gloucester approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Gloucester usually buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Gloucester or who has acted in the same development.
Am I best advised to instruct a Gloucester conveyancing practitioner based in the area that I am buying? An old friend can carry out the conveyancing but his firm is located approximately 350kilometers away.
The benefit of a high street Gloucester conveyancing practice is that you can drop in to execute paperwork, present your ID and apply pressure on them where appropriate. They will also have local knowledge which is a plus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and on the whole were happy that should surpass using an unknown Gloucester conveyancing lawyer solely due to them being local.
What are the frequently found deficiencies that you come across in leases for Gloucester properties?
There is nothing unique about leasehold conveyancing in Gloucester. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain parts of the property
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
I inherited a 1st floor flat in Gloucester, conveyancing having been completed January 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Gloucester with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2079
With just 54 years left to run we estimate the premium for your lease extension to span between £32,300 and £37,400 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.