I am obtaining a mortgage offer from Nat West. I hope to retain the legal services of a Licensed Conveyancer in Godshill. Does the Nat West Solicitor panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Me and my partner are about to exchange on the purchase of a house in Godshill but as a result of damage from the recent storms I have was able negotiate recompense from the seller of £3k by way of a reduction in the price. This was going to be dealt with as part of amending the contract yet Nationwide are not allowing this. Should they have been involved?
Your solicitor that is on a Nationwide conveyancing panel is obliged to advise Nationwide of any variations to the sale price. If you prohibit your conveyancing practitioner to notify the reduction to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancer for your conveyancing in Godshill.
There are plenty of conveyancing solicitors in Godshill but how do I know who I should use?
It would be unwise to be swayed by the lowest Godshill conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Godshill. Do I receive the keys to the house on completion from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Godshill?
On the day of completion you do not need to attend the conveyancers office in Godshill. Your solicitors will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you will be called to pick up the keys from the Estate Agents and move into your new home. Usually this occurs between 1 and 3pm.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Godshill bank branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Godshill conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their specific requirements. Who do I believe?
Provided that the solicitor is on the mortgage company approved list, they must follow the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been recommended by numerous selling agents in Godshill to locate a conveyancer on your site. What’s the financial advantage for Estate Agents to market your services over alternative conveyancing organisations?
We don’t make any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
We are 17 days into a freehold purchase having been referred to a firm by the high street agent to carry out the conveyancing in Godshill. I am am extremely disappointed with the quality of service. Could you you assist me in finding new solicitors?
They would have to be very poor in order to consider replacing them. Has the loan offer been issued? In the event that it has you need to make them aware of the replacement conveyancer and get the offer are re-issued. The conveyancer should be on the banks approved list to avoid supplemental costs and frustration. So that should be your starting point. Our search tool should help you find a bank approved solicitor for your conveyancing in Godshill
I am tempted by the attractive purchase price for a couple of apartments in Godshill which have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Godshill is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with less than 75 years become less and less attractive. 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 Godshill 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 the agreed 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.
Godshill Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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Best to be warned if changing the roof or some other major work is anticipated that will be shared amongst the leaseholders and will materially increase the the maintenance costs or necessitate a specific invoice. Are there any major works on the horizon that will increase the service costs? How much is the ground rent and service charge?