As someone clueless as to the New Milton conveyancing process what is the number one tip you can give me concerning the ownership transfer in New Milton
You may not hear this from too many lawyers but conveyancing in New Milton and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there exists lots of opportunity for conflict between you and other parties involved in the transaction. For example, the seller, selling agent and on occasion your bank. Choosing a lawyer for your conveyancing in New Milton an important selection as your conveyancer is your adviser, and is the SOLE party in the transaction whose responsibility is to act in your legal interests and to keep you safe.
There is a definite emergence in the "blame" culture- someone must be blamed for the process taking so long. You your first instinct should be to trust your solicitor above all other players in the conveyancing process.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in New Milton?
Two types of professional can conduct conveyancing in New Milton namely CLC regulated conveyancers or solicitors. The two can handle the legal services that you need to complete the disposal or purchase of property. They are both required to handle New Milton conveyancing to the same standards and guidelines so you may be safe in the knowledge that your conveyancing will be professionally conducted and that the requisite steps should be correctly attended to.
The mortgage over my property is with Nationwide for my property in New Milton. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Nationwide must be informed of your intention in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel solicitor.
After shopping around on the internet I have found a New Milton conveyancing practitioner having made sure that they are on the Principality conveyancing panel. Does my lawyer arrange the survey of the property?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own New Milton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have been told that property searches are the main cause of hinderance in New Milton conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in New Milton.
four months have elapsed since my purchase conveyancing in New Milton completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I was recommended by numerous selling agents in New Milton to get a quote from a property lawyer on your site. Is there a financial incentive for Estate Agents to recommend your services ahead of another?
We don’t give any referral fee for sending work our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a reputable estate agency in New Milton where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local New Milton conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner 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. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
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.
I purchased a 1 bedroom flat in New Milton, conveyancing formalities finalised April 2010. Can you work out an approximate cost of a lease extension? Comparable flats in New Milton with an extended lease are worth £206,000. The ground rent is £45 invoiced every year. The lease runs out on 21st October 2090
With 65 years remaining on your lease we estimate the price of your lease extension to span between £13,300 and £15,400 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.