Will conveyancers ask for money up-front when it comes to conveyancing in Haverhill?
Where you are retaining lawyers for conveyancing in Haverhill your lawyer will request that you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the Local Authority Search. When the deposit is as part of the sale price then this should be required shortly ahead of contracts are exchanged. Any further balance that is needed should be transferred a few days ahead of the completion date.
My bid for a property was accepted at auction in Haverhill. Conveyancing is required. What happens now?
Given that you are now exchanged you will need to appoint a conveyancing solicitor as a matter of priority as you are faced with a tight a fixed date to complete the purchase. All auction property will have a corresponding legal set of papers. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold property the auction pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should hand this to the conveyancer instructed by you at the earliest opportunity. You also need to ensure that you have funds organised to complete on the date specified in the contract.
We previously instructed conveyancers located in Haverhill on the Santander solicitor panel. They have just billed me a further amount for the legal aspects of the Santander mortgage. Is this a supplemental conveyancing fee set by Santander?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your lawyer may charge a fee for this. This charge is not set by Santander but by your Haverhill conveyancing practitioner. Some firms on the Santander panel will levy ’dealing with mortgage’ fee and others do not.
We have a mortgage agreed in principle with Bank of Ireland. Haverhill conveyancing solicitors have been appointed. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
Some lenders take longer than others. Have Bank of Ireland completed the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Haverhill I like with amenity areas and station nearby, however it only has 51 years on the lease. There is not much else in Haverhill suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I have been recommended by a number of selling agents in Haverhill to select a conveyancer on your site. Is there a financial incentive for Estate Agents to market your services ahead of alternative conveyancing organisations?
We don’t make any commission for pointing buyers and sellers our way. We found it would be just too difficult a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
We are a couple of weeks into a leasehold purchase having been referred to conveyancers by the selling agent to carry out the conveyancing in Haverhill. We are not happy. Can you you assist me in finding new conveyancers?
They would need to be really poor to suggest replacing them. Has your mortgage been issued? If so you need to inform them of the new contact details and have the loan are re-sent. Your conveyancer should be on the lenders approved list to avoid added expenses and frustration. So that should be your first question of the new lawyers. The search tool can assist you in finding a bank approved solicitor for your home move in Haverhill
I am employed by a busy estate agency in Haverhill where we have experienced a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Haverhill conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
Haverhill Leasehold Conveyancing - A selection of Queries before Purchasing
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The prefered form of lease structure is a share of the freehold. In this scenario the tenants enjoy being in charge if their destiny and although a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent is directed by the tenants. How many of the leaseholders are in arrears for their service charge payments? Most Haverhill leasehold apartments will incur a service charge for maintenance of the block invoiced on behalf of the landlord. If you acquire the apartment you will have to pay this charge, normally quarterly during the year. This could differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all likelihood there will be a ground rent to be met annual, normally this is not a large figure, say around £50-£100 but you should to check as sometimes it can be many hundreds of pounds.