In the event thatI was to acquire a freehold propertyin Old St Mellons for cash and dispense with a survey and no local authority searches how much would I expect to to save on my conveyancing in Old St Mellons?
Any savings you would achieve would be limited to the costs for searches. The property lawyer is obliged to do the vast majority of work - money laundering, liaising with the vendors solicitor, SDLT submission, register the title etc. You might save a bit for them not needing to register a charge however it will not be a lot.
My aunt pointed out to me me that in purchasing a property in Old St Mellons there could be a number of restrictions as to what one can do in terms of external alterations to a property. Is this right?
We are aware of a number of properties in Old St Mellons which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Old St Mellons should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Last month we had a mortgage agreed in principle with TSB. Old St Mellons conveyancing practitioners were selected. How long does it take for TSB to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have TSB completed the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Old St Mellons bank branch on numerous occasions and was advised it wasn't a problem and they would lend. My Old St Mellons conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the conveyancer is on the bank approved list, she or he must comply with the CML 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Due to the encouragement of my in-laws I had a survey completed on a house in Old St Mellons prior to retaining solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may refuse to grant a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Old St Mellons. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Old St Mellons to see if the conveyancing will be more expensive.
Am I best advised to instruct a Old St Mellons conveyancing lawyer who is local to the property I am hoping to buy? We have a good friend who can execute the legal work however his firm is located approximately 350kilometers away.
The benefit of a high street Old St Mellons conveyancing firm is that you can drop in to sign paperwork, hand in your ID and pester them where appropriate. They will also have local knowledge which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and the majority were content that should outweigh using an unfamiliar Old St Mellons conveyancing solicitor solely due to them being based in the area.
When it comes to leasehold conveyancing in Old St Mellons what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Old St Mellons. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I am the registered owner of a basement flat in Old St Mellons, conveyancing formalities finalised in 1997. How much will my lease extension cost? Equivalent properties in Old St Mellons with over 90 years remaining are worth £181,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2076
You have 51 years unexpired the likely cost is going to be between £30,400 and £35,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.