We're in Godstone, First timers purchasing with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
My bid for a property was accepted at auction in Godstone. Conveyancing is necessary. What is next?
Given that you are now legally bound yourself to purchase you will need to choose a conveyancing practitioner quickly as you are facing a fast approaching a drop dead date to complete the deal. An auction property will have a bespoke legal set of papers. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You must hand this to the conveyancer working for you as soon as possible. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
I'm the sole recipient of my late grandmother’s will and I have everything in my name now, including the my former home in Godstone. The Godstone property was put into my name in May. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be considered the same way as though I had purchased the property in May. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view banks take of it, depend on the lender as this provision principally exists to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
How can we tell if a Godstone conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Godstone obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor carrying out your transaction.
How does conveyancing in Godstone differ for newly converted properties?
Most buyers of new build or newly converted property in Godstone contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because builders in Godstone typically purchase the site, 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 property lawyers 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 Godstone or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Godstone I like with a park and transport links in the vicinity, however it's only got 52 years on the lease. There is not much else in Godstone for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
What are your top tips when it comes to choosing a Godstone conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Godstone conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Godstone conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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How experienced is the practice with lease extension legislation? If the firm is not ALEP accredited then why not?
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Godstone conveyancing firm to act on my behalf?
if there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Freehold Enfranchisement case for a Godstone property is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case affected 3 flats. The unexpired residue of the current lease was 75 years.
My solicitors in Godstone have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the bank. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the bank directly.