Me and my partner are buying a property in Prestbury. I might seem paranoid but how we can trust a lawyer? At some point we will need to send our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am the single beneficiary of my late father’s estate with all property in now in my sole name, including the house in Prestbury. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I do know about the CML six month 'rule', meaning my property ownership will be treated the same way as though I had purchased the house in November. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. many lenders would take a practical view as this obligation is primarily there to capture subsales or the wholesaling and assigning of property.
I am selling my house. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Bank of Ireland are being difficult. The Prestbury solicitor who is on the Bank of Ireland conveyancing panel is saying indemnity insurance will be fine but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Prestbury differ for new build properties?
Most buyers of new build or newly converted property in Prestbury approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Prestbury usually buy the land, 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 conveyancers 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 Prestbury or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Prestbury before instructing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies tend refuse to issue a loan on this type of property.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Prestbury. Conveyancing may be slightly more expensive based on your lender's requirements.
How straightforward is it to use your search app to find a conveyancing practitioner in Prestbury on the authorised to act for my bank?
Step one is to pick a mortgage company such as Barclays , Chelsea Building Society or Nottingham Building Society then type in your location for example Prestbury. Conveyancing organisations in Prestbury and nationally will then be shown.
I've recently bought a leasehold property in Prestbury. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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 ensure 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).
Prestbury Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying
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You should be aware that where the lease has less than 80 years it will affect the value of the flat. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably need a lease extension at some point and it is worth discovering what this would cost. For most Prestburylease extensions you will need to own the premises for 24 months before you are legally able to extend the lease. The best form of lease structure is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and even though a managing agent is usually retained where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Best to be warned whether a new roof is being put on or some other major work is pending that will be shared between the tenants and may well materially increase the the maintenance charges or result in a one off invoice.
How much experience do your Prestbury conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Prestbury conveyancing lawyers help thousands of people move home every year and supported plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Prestbury conveyancers have worked on recent similar cases.