I am considering applying for a Santander mortgage for purchase of a newly converted (under development) in Northamptonshire with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
There is nothing to stop you using your solicitor, but Santander will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
We are aiming to move property in April. Will my conveyancing solicitor communicate with the removal company on the completion day. As an aside, can you suggest a removal company in Northamptonshire. Conveyancing lawyer was organised before I stumbled across this page.
On the afternoon of completion you will need to pick up the house keys from your property agent but this can only be done once the previous owners lawyers inform the agent that the monies to complete are in and the keys can be collected. You should advise the removal company that you are ready to move in. As a matter of policy we do not recommend a specific removal organisation but can help you find a residential property solicitor in Northamptonshire or a solicitor that specialises in conveyancing in Northamptonshire.
Please help - my lawyer says that missing deeds insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Northamptonshire?
The right level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Are all Northamptonshire Conveyancing Quality Solicitors on the Co-operative conveyancing list of approved practices?
It is true that some lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
How does conveyancing in Northamptonshire differ for newly converted properties?
Most buyers of new build premises in Northamptonshire contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Northamptonshire tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Northamptonshire or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Northamptonshire I like with amenity areas and railway links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Northamptonshire for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I am tempted by the attractive purchase price for a two apartments in Northamptonshire both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Northamptonshire. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
Northamptonshire Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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The best form of lease structure is a share of the freehold. In this scenario the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is often employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Is the freehold owned collectively by the tenants? What is the the remaining lease term?
My husband and I plan to buy our 1st house in Northamptonshire. Conveyancing practitioner already instructed. The broker advised that a survey is not needed as the house was only constructed twenty two years ago.
The bare minimum you need a Home Buyer's Report. As the residence was constructed over a decade ago the property will not come with a warranty, so you would be well advised not to take a risk. For a property that age with no signs of problems a Home Buyer's report may suffice. They will highlight any apparent issues and suggest further investigation if appropriate. If there are any indications of problems seek a comprehensive Building Survey from the beginning.