I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Does this mean I have to use their panel lawyer as I would prefer to appoint a Otley based conveyancing firm?
You should check but the chances are that allocate you one of their panel lawyers where you want the "fee-free" incentive. Call the lender and ask if they allow a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Otley.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to have this when buying a house in Otley? or Apparently there is an ancient law that means some house owners living in a parish church boundary may be liable to contribute towards repairs to the chancel within the church. Is this relevant for conveyancing in Otley?
Unless a previous purchase of the property completed after 12 October 2013 you may expect lawyers handling conveyancing in Otley to continue to propose a a chancel search and or insurance against a claim.
I have todaydiscovered that Arc property Solicitors have been shut down. They carried out my conveyancing in Otley for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is registered correctly in the name of the former proprietor?
The quickest method to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Otley conveyancing specialists.
How does conveyancing in Otley differ for new build properties?
Most buyers of new build or newly converted property in Otley come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Otley typically buy the real estate, 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 conveyancing solicitors 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 Otley or who has acted in the same development.
I opted to have a survey done on a house in Otley in advance of retaining lawyers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some banks may not give a loan on a flying freehold premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Otley. Conveyancing will be smoother if you use a solicitor in Otley especially if they are accustomed to such properties in Otley.
I’m about to sell my 2 bed flat in Otley. Conveyancing is yet to be initiated, but I have just had a yearly maintenance charge invoice – Do I pay up?
It best that you pay the service charge as normal as all rents and service charges should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a basement flat in Otley, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Otley with an extended lease are worth £197,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2080
You have 55 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.