I have a mortgage with Kent Reliance for my property in Overton. 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 BTL mortgage or inform Kent Reliance?
Kent Reliance must be informed of your intention before letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel solicitor.
I was told two weeks ago that my mortgage has been agreed to by Kent Reliance. Is it usual for Kent Reliance to only issue the offer once my solicitor in Overton is approved on their conveyancing panel? Kent Reliance have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
Our sealed bid on a semi in Overton has been agreed to, the owners do however have a connected purchase. The sellers have offered on somewhere, however it’s not yet agreed to, and have viewings of other flats booked. I have selected a nearby conveyancing solicitor in Overton. What do I do now? At what point do I apply for the mortgage with Principality?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx £1k, then survey, Overton conveyancing search costs, etc). First, you must ensure that your lawyer is on the Principality conveyancing panel. Regarding the subsequent steps this very much dictated by the circumstances of your case, attraction to the property and on the state of the market. During a hot market many purchasers will apply for the mortgage with Principality and arrange for the valuation and only if it comes back ok would they ask their solicitor to proceed with the conveyancing in Overton.
I have a terraced Edwardian property in Overton. Conveyancing lawyer acted for me and Virgin Money. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Overton and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who carried out the work.
How does conveyancing in Overton differ for new build properties?
Most buyers of new build residence in Overton contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Overton tend to 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 used to new build conveyancing in Overton or who has acted in the same development.
Hoping to buy a property located in Overton and I am already nervous. I couldn't find anything specific about Overton. Conveyancing will be needed in due course but do you know about the Overton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Overton. In the meantime here are some basic statistics that we found
My step-father has recommend that I appoint his conveyancers in Overton. Do I follow his recommendation?
No doubt the best way to find a conveyancing practitioner is to get guidance from friends or relatives who have experience in using the solicitor that you are are thinking of instructing.
I only have 68 years remaining on my lease in Overton. I now wish to extend my lease but my landlord is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent should be helpful to try and locate and prepare an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Overton.
I inherited a leasehold flat in Overton, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Overton with over 90 years remaining are worth £207,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease runs out on 21st October 2082
With just 57 years unexpired the likely cost is going to be between £28,500 and £33,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.