Me and my wife are buying our first property. Our solicitor has calledto see if we want to order additional conveyancing searches. As novices we have no idea as to what's recommended for conveyancing in Pitstone
The extent of Pitstone conveyancing searches should be dictated entirely on the property, the location, the likelihood of any of these risks, your knowledge of the area and risks, your general appetite to risk. What is important is that you adequately understand what information the searches could supply. You may then make a decision if you consider that you need that search. Should you be unsure, ask your conveyancing practitioner to provide guidance.
I am buying a new build flat in Pitstone. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Pitstone you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Pitstone.
Last month we had a mortgage agreed in principle with Virgin Money. Pitstone conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money done the valuation? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is unclear whether my lender requires a lease extension. I have called my Pitstone bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Pitstone conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Your lawyer must follow the CML Handbook section two conditions for your bank. 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 remaining.
Lloyds have agreed my mortgage in principle, my offer on a house in Pitstone has been agreed to, what happens next?
The property agent will need to know who your solicitors are (make sure the lawyers are on the lender’s panel). Telephone Lloyds or your financial adviser and finish off any outstanding forms. Lloyds will appoint a valuer who will get in contact with the estate agent or vendor to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Lloyds will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Pitstone.
My husband and I are FTB’s - had an offer accepted, yet the property agent told us that the vendor will only proceed if we use their chosen solicitors as they need a ‘quick sale’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Pitstone
We suspect that the owner is not behind this request. If they want ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Try to communicate with the owners directly and make sure they comprehend that (a)you are genuine buyers (b)you are ready to progress, with finances in place © you are chain free (d) you wish to move quickly (e)but you will continue to appoint your preferred Pitstone conveyancing firm - not the ones that will give their estate agent a referral fee or meet his conveyancing targets pre-set by HQ.
Last August I purchased a leasehold house in Pitstone. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a garden flat in Pitstone, conveyancing formalities finalised 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Pitstone with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2093
You have 68 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.
The suggested premium range 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 a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
A couple of months ago I was told by my lender that their approved solicitors work on no completion no charge basis for conveyancing in Pitstone. My purchase fell through nevertheless the conveyancers have invoiced for search fees! They are claiming that the fees are nothing to do with their fees!
Pitstone conveyancing search fees are disbursements not legal costs as these are due to a third party.