I am under pressure from the mortgagee in possession of a property in Gravesend to sign contracts within four weeks. What can be done to accelerate the buying process?
Where you are under a tight deadline to exchange we would recommend that your conveyancer is familiar with the location as they will benefit local relationships and knowledge. It is possible that they could have conducted otherproperties in the same road. You would be best advised to use a Gravesend conveyancing lawyer. Second, make sure that the lawyer is on the member panel. It is claimed that 18% of Gravesend conveyancing transactions are suspended or jeopardised after finding out that a buyer’s lawyer was not on their banks panel. This can often result in the transaction being delayed by almost 21 days. It is estimated that this issue affects approximately 100,000 home moves annually. Almost all Gravesend conveyancing firms can not represent certain mortgage companies so do check as early as possible.
We wanted to use a conveyancing solicitor in Gravesend for our home move. Our financial adviser informed us that our bank National Westminster Bank won't deal with them. Why is this not regarded as unfair competition?
A bank can direct that an approved solicitor act for it. You would be expected to bear the cost of this. Please make use of our database to choose a solicitor to carry conveyancing in Gravesend on the National Westminster Bank approved list of solicitors.
I'm purchasing a new build house in Gravesend with the aid of help to buy. The developers refused to budge the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not disclose to my solicitor about this extras as it may affect my loan with Skipton Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
As co-executor for the estate of my grandmother I am disposing of a property in Neath but I am based in Gravesend. My conveyancer (based 260 miles from mehas requested that I execute a stat dec ahead of completion. Can you recommend a conveyancing practitioner in Gravesend who can witness and place their company stamp on the document?
Technically speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are Gravesend based
I work for a reputable estate agency in Gravesend where we see a few leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Gravesend conveyancing firms. Can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a garden flat in Gravesend, conveyancing was carried out 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Gravesend with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2087
With just 62 years remaining on your lease the likely cost is going to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
My husband and I are disposing of a Gravesend house we inherited six years ago in 2010. I have over a decades worth of conveyancing knowledge and, although retired, see no reason not to carry out my own legal work. The purchaser's property lawyer has informed me that their bank will not allow us to do our own conveyancing as they require the funds to be transferred to a solicitor's bank account.
Mortgage instructions to conveyancers from all CML members state that If the seller does not have legal representation the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be reached if they are willing to move forward.