As a FTB what is the most important piece of guidance you can give me concerning purchase conveyancing in Northampton?
You may not hear this from too many lawyers but conveyancing in Northampton and elsewhere in Northamptonshire is an adversarial experience. In other words, when it comes to conveyancing there is plenty of room for conflict between you and others involved in the transaction. For example, the seller, property agent and even potentially the bank. Appointing a solicitor for your conveyancing in Northampton is a critical decision as your conveyancer is your adviser, and is the ONE person in the transaction whose role it is to look after your best interests and to keep you safe.
We are witnessing a definite ongoing adversarial element to conveyancing- someone must be at fault for the process taking so long. We recommend that you should always trust your lawyer above all other players when it comes to the legal assignment of property.
We're in Northampton, First time buyers purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money 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.
We were going to get a DIP from Skipton this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Northampton solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Northampton solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
The mortgage over my property is with Yorkshire BS for my property in Northampton. Conveyancing has been completed a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
You must advise Yorkshire BS prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel firm.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Northampton building society branch on numerous occasions and was told they are content with the situation and they will lend. My Northampton conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the bank approved list, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
4 months have elapsed following my purchase conveyancing in Northampton took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 asset 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 have been on the look out for a ground for flat up to £305k and identified one round the corner in Northampton I like with a park and station nearby, however it only has 52 years unexpired on the lease. I can't really find anything else in Northampton for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
In my capacity as executor for the will of my aunt I am disposing of a house in Newport but I am based in Northampton. My lawyer (who is 300 miles from merequires that I execute a stat dec prior to the transaction finalising. Can you recommend a conveyancing lawyer in Northampton who can witness this legal document for me?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Northampton based