Me and my partner are buying a maisonette in Howden. My lawyer is not on the bank solicitor panel. Is it possible for me to appoint my Howden conveyancing solicitor notwithstanding that they are excluded from the lender list of approved lawyers?
You must use a solicitor to complete the formalities when you need a mortgage to purchase your home. They will carry out all the relevant due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the necessary mortgage documentation is in place. One could appoint a Howden property lawyer of your choice. However, where the solicitor appointed is not a member of the mortgage company approved list further fees will be levied as separate legal representation will be need by the bank. Bank panel applications may be submitted, so provided your solicitor has not in the past sought membership they should do so.
When will exchange of contracts take place for purchase conveyancing in Howden and am I required to attend the solicitors branch?
Where you are round the corner to our conveyancing solicitors in Howden you are welcome to attend to sign the paperwork. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you digitally. The signing of the contract is not the critical part. A signed contract simply enables the firm to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Howden)to be in the office available at the end of the phone to exchange contracts.
I have todayfound out that Wolstenholmes have closed. They carried out my conveyancing in Howden for a purchase of a freehold house 10 months ago. How can I check that the property is in my name in the name of the former proprietor?
The easiest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Howden conveyancing specialists.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in Howden I like with amenity areas and railway links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Howden for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the 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 ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am four weeks into a leasehold purchase having been recommend to solicitors by the local agent to handle our conveyancing in Howden. I am am very dissatisfied with the level of service. Can you you assist me in finding new conveyancers?
They would have to be really poor to suggest replacing them. Has the mortgage offer been sent? In the event that it has you will need to advise them of the new lawyer and have the loan are re-sent. Your new solicitor ideally needs to be on the banks approved list to avoid escalating charges and frustration. So that should be your starting point. Our search tool can help you find a bank approved solicitor for your home move in Howden
I am tempted by the attractive purchase price for a two flats in Howden which have about 50 years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Howden is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty 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 premises 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 a residence 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 Howden 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I purchased a ground floor flat in Howden, conveyancing having been completed in 2003. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Howden with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2092
With just 67 years remaining on your lease the likely cost is going to range between £10,500 and £12,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.