Much to our surprise we have been informed by our estate agent that my Petworth solicitor is not on the bank Conveyancing panel. What can I do to check?
The best course of action for you to take is to contact your Petworth lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they may recommend you to a Petworth conveyancing firm that is on the conveyancing panel for your mortgage company.
My partner and I are in the process of looking at houses in Petworth and I am now considering a potential offer. Is it wise to have a conveyancing practitioner on ‘stand by’? I will be getting a home loan with Clydesdale.
It would be advisable to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. As you are seeking a mortgage with Clydesdale, ask your prospective lawyers if they are on the Clydesdale conveyancing panel otherwise they can't do the mortgage legal work.
The mortgage over my property is with Co-operative for my property in Petworth. Conveyancing was finalised a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
Co-operative must be informed of your intention before renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel lawyer.
After shopping around on the internet I have found a Petworth lawyer having made sure that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Petworth postcode. As you are getting a mortgage with Co-operative, you could contact them to see if they have a list of approved surveyors in Petworth.
Should my solicitor be asking questions about flooding as part of the conveyancing in Petworth.
The risk of flooding is if increasing concern for lawyers dealing with homes in Petworth. There are those who acquire a house in Petworth, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, however there are a various checks that can be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Petworth. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to determine whether the premises has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser could commence a compensation claim stemming from an misleading response. The buyer’s conveyancers may also order an enviro search. This will reveal whether there is any known flood risk. If so, additional investigations should be carried out.
The deeds to our house can not be found. The lawyers who did the conveyancing in Petworth 10 years ago have long since closed. What do I do?
Gone are the days when you need to hold title deeds to establish that you are the owner of your registered land or premises, given that the Land Registry have everything they need in a digital format.
How does conveyancing in Petworth differ for new build properties?
Most buyers of new build property in Petworth contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Petworth tend to purchase 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 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 used to new build conveyancing in Petworth or who has acted in the same development.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Petworth. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Petworth ?
Most houses in Petworth are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Petworth in which case you should be looking for a Petworth conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
I inherited a ground floor flat in Petworth, conveyancing formalities finalised November 2005. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Petworth with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2078
With 53 years left to run we estimate the price of your lease extension to be between £27,600 and £31,800 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 the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.