This question may be naive but I am new to the process as FTB of a garden flat in Penwortham. Do I receive the keys to the premises on completion from my solicitor? If so, I will find a High Street conveyancing solicitor in Penwortham?
On the day of completion you will not be required to go to the conveyancers office in Penwortham. Your solicitors will arrange to send the purchase money to the seller's solicitors, and once they have received this, you will be able to collect the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
The mortgage over my property is with Leeds Building Society for my property in Penwortham. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Leeds Building Society must be informed of your intention prior to renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society 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 Leeds Building Society directly. You need not do this via a Leeds Building Society 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 Penwortham bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Penwortham conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend in accordance with their published requirements. I simply don't know who is right.
The conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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.
What will a local search inform me about the property my wife and I buying in Penwortham?
Penwortham conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for instance Searchflow The local search plays an important role in most Penwortham conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
Me and my brother purchased a semi-detached Georgian property in Penwortham. Conveyancing practitioner represented me and Nationwide Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You should 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Penwortham and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing lawyer who carried out the work.
I need to retain a conveyancing solicitor for my conveyancing in Penwortham. I have stumble across a web site which appears to be the ideal solution If it is possible to get all the legals completed via web that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Penwortham. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Penwortham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Penwortham in which case you should be looking for a Penwortham conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I purchased a garden flat in Penwortham, conveyancing formalities finalised in 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Penwortham with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease expires on 21st October 2081
With only 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I have just started marketing my ground floor flat in Penwortham.Conveyancing solicitors are to be appointed soon however I have just had a quarterly service charge invoice – Do I pay up?
It best that you discharge the service charge as usual because all ground rent and service charges will be apportionedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser 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