A friend advised me that in buying a property in Raunds there could be various restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Raunds which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Raunds should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am being advised by my solicitor that restrictive coveneant insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Raunds?
The right level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Barclays and The Mortgage Works. Conveyancing lawyers as opposed to members of the public take out such insurances.
I am expecting a AIP from Virgin Money this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Raunds solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint Raunds solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
How does conveyancing in Raunds differ for newly converted properties?
Most buyers of new build or newly converted property in Raunds approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Raunds usually acquire 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 accustomed to new build conveyancing in Raunds or who has acted in the same development.
I was pointed in your direction by a few estate agents in Raunds to locate a property lawyer on your site. Is there a financial inducement for Estate Agents to recommend your services over a competitor’s?
We don’t give any financial incentive for pointing buyers and sellers our way. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I best advised to appoint a Raunds conveyancing solicitor based in the vicinity that I am hoping to buy? I have an old university friend who can execute the legal formalities however her office is 400miles away.
The primary upside of using a local Raunds conveyancing practice is that you can pop in to sign documents, present your ID and apply pressure on them where appropriate. Having local Raunds know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who instructed your friend and they were happy that must surpass using an unknown Raunds conveyancing lawyer just because they are Raunds based.
What makes a Raunds lease problematic?
Leasehold conveyancing in Raunds is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Insurance obligations
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Norwich and Peterborough Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
Raunds Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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How much is the service charge and ground rent on the property? For many Raunds leaseholds the cost for major works tend not to be included within service charges, although some managing agents in Raunds ask leasehold owners to contribute towards a reserve fund and this is used to offset against larger works. The best form of lease arrangement is where the freehold interest is owned by the leaseholders. In this scenario the tenants have control and even though a managing agent is usually employed if the building is bigger than a house conversion, the managing agent employed by the leaseholders.
My wife and I have selected a Raunds conveyancing solicitor for our home move (FTB’s) and have noticed in the engagement letter that they are not covered by the FCA. Need I be worried or is that standard with solicitor?
We can't see why they should be. Most conveyancer don't lend money. You should check that they are governed by the Solicitors Regulation Authority, who have stringent stipulations regulating funds sitting by them.