We're in Nag's Head, First timers purchasing with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance 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.
I need some fast conveyancing in Nag's Head as I have a deadline to sign on the dotted line in less than 2 weeks. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are are a cash buyer you are at free not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Nag's Head the following are examples of what can show up and adversely impact the marketability of the property: Enforcement Actions, Overdue Charges, Overdue Grants, Railway Schemes,...
I decided to have a survey done on a property in Nag's Head before retaining conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some lenders may not grant a mortgage on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Nag's Head. Conveyancing will be smoother if you use a solicitor in Nag's Head especially if they are familiar with such properties in Nag's Head.
I'm refinancing my primary home to a buy to let mortgage with National Westminster Bank and intend to use the remaining equity as a down payment on a second property. The location we are talking about is Nag's Head. Will your lawyers be able to act for both sets of banks and link together the two deals?
Do use our comparison tool on this page to be sure that the conveyancers are on the relevant lender panels. On the basis that they are your conveyancer should be able to simultaneously deal with the two conveyancing matters but you should talk with you solicitor and make clear your expectations and requirements.
I am attracted to a couple of apartments in Nag's Head which have about forty five years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Nag's Head is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with under 75 years become less and less attractive. On a more positive 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 Nag's Head 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 any new 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.
Despite our best efforts, we have been unsuccessful in seeking a lease extension in Nag's Head. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Nag's Head conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Nag's Head property is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case related to 1 flat. The unexpired term as at the valuation date was 71 years.
Is there a reason that Nag's Head conveyancing charges differ for leasehold and freehold properties?
Inevitably there is more work necessary for leasehold conveyancing. Nag's Head has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.