My mortgage broker requires my Godmanchester law firm’s panel member for the Nat West conveyancing panel. What is the best way to obtain this. I have e-mailed my local Godmanchester branch but they have not got back to me yet.
You are best placed to get this information from your Godmanchester solicitor . Most Godmanchester law practices will retain a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each bank.
We have rather assertive vendors who has recommended a lock out agreement with a non-refundable deposit two thousand pounds. Are such agreements sensible?
Lock out agreements are contracts binding a home vendor and prospective buyer granting the buyer a ‘clear field’ to purchase the premises for a limited period of time. Essentially, a lock out agreement is a contract stating that you should be issued with a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer confidence though in some cases, the seller may enjoy an upside from such agreements as well. There are many positives and negatives to having them but you should to check with your lawyer but beware that it may result in costing you extra in conveyancing fees. For these reasons these contracts are rare in relation to conveyancing in Godmanchester.
Why is leasehold purchase conveyancing in Godmanchester is more expensive?
The conveyancing charges for a leasehold premises in Godmanchester is inevitably higher than on a freehold transaction. This is due to the supplemental time required in corresponding with the freeholder and management company to obtain information about whether the rent and service charges have been cleared and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
I have been on the look out for a flat up to £305k and identified one close by in Godmanchester I like with a park and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Godmanchester for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Is it simple use the search app to locate a conveyancing solicitor in Godmanchester on the panel for my lender?
Step one is to select a bank such as National Westminster Bank, Norwich and Peterborough Building Society or Nottingham Building Society then choose your location e.g. Godmanchester. Conveyancing practices in Godmanchester and nationally should be listed.
I have just had an offer accepted on a leasehold flat in Godmanchester and the estate agent that we are using recommended his conveyancer. They quoted a thousand pounds including VAT and 3rd party costs. Does this sound expensive?
You should not rely on 1 estimate. One should obtain like-for-like quotes for your conveyancing in Godmanchester. Then choose one that you are comfortable with and just as important, is on the approved panel of the mortgage company that you are sourcing your mortgage from.