My bank has recommended solicitors on their panel based in Princes Risborough but I would rather instruct a conveyancing lawyer in Princes Risborough round the corner to me. Can you help?
The minority of Princes Risborough conveyancing practitioners are approved and listed on all lender’s conveyancing panel. Do make use of our search tool to locate a Princes Risborough conveyancing solicitor on the on the lender panel.
The mortgage over my property is with Aldermore for my property in Princes Risborough. Conveyancing has been completed a year ago. Should I wish 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 Aldermore?
Aldermore must be informed of your intention before letting out your property as this is likely to be a breach of Aldermore’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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel lawyer.
After shopping around on the internet I have found a Princes Risborough solicitor having made sure that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds 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 solicitor 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 Princes Risborough postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Princes Risborough.
After what seems like an age I have had an offer on an apartment in Princes Risborough agreed to, the sellers do nevertheless have a dependent purchase. The sellers have placed an offer on a property, but it’s not yet agreed to, and have viewings of other apartments booked. I have selected a local conveyancing solicitor in Princes Risborough. What should be my next step? At what point do I apply for the mortgage with Bank of Ireland?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Princes Risborough conveyancing search costs, etc). The first course of action is to check that your conveyancer is on the Bank of Ireland conveyancing panel. Concerning the subsequent stages this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. In a rising market some home buyers would apply for the mortgage with Bank of Ireland and arrange for the valuation and only if it was satisfactory would they ask their solicitor to move forward with the conveyancing in Princes Risborough.
I have a semi-detached Victorian property in Princes Risborough. Conveyancing solicitor acted for me and The Mortgage Works. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Princes Risborough and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who conducted the work.
Over the last few months I have been searching for a flat up to £245,000 and found one close by in Princes Risborough I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Princes Risborough in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Can you provide any top tips for leasehold conveyancing in Princes Risborough with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Princes Risborough can be reduced where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers’ solicitors. Some Princes Risborough leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years left on your lease but you should verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Princes Risborough state that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you fail to have the approvals in place do not communicate with the landlord without contacting your conveyancer before hand. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over rather than ongoing.
Leasehold Conveyancing in Princes Risborough - A selection of Queries before Purchasing
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How much is the ground rent and service charge? Its a good idea to discover as much as you can about the managing agents as they will either make living at the property much easier or a lot more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to daily matters like the cleanliness of the communal areas. Don't be shy to ask prospective neighbours if they are happy with them. Finally, be sure you understand the dates that the service fees are due to the managing agents and precisely what you get for your money. What is the length of the lease?
We are expecting to complete buying a house in Princes Risborough but as a result of wreckage from the recent storms I have agreed compensation from the current proprietors of £3k taking the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process yet the bank will not permit this. Should they have been notified?
The solicitor being on the lender conveyancing panel is obliged to inform the bank of any changes to the sale price. In the event that you did not allow your conveyancing practitioner to report the price change to your lender then they would have to disinstructing themselves from acting for you and the lender.