I'm the only recipient of my late grandmother’s estate and I have everything in my name now, including the my former home in Rise Park. The Rise Park property was put into my name in May. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship will be treated the same way as though I had purchased the house in May. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How practical a view banks take of it, depend on the lender as this clause is principally there to identify the purchase and immediately sell or the flipping of property.
My husband and I have arranged a further advance on our mortgage from Nationwide as we want to carry out renovations to our property in Rise Park. Are we obliged to choose a local Rise Park solicitor on the Nationwide conveyancing panel to deal with the legals?
Nationwide don't usually instruct firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide conveyancing panel.
I have paid off my mortgage with Santander. I assume I don't need a Rise Park solicitor on the Santander panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
Will our lawyer be making enquiries regarding flooding during the conveyancing in Rise Park.
The risk of flooding is if increasing concern for solicitors dealing with homes in Rise Park. There are those who buy a house in Rise Park, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, but there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Rise Park. The standard information sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to discover if the property has suffered from flooding. In the event that the premises has been flooded in past which is not notified by the vendor, then a buyer could commence a claim for damages resulting from an incorrect answer. The purchaser’s solicitors will also commission an environmental search. This should higlight whether there is a recorded flood risk. If so, additional investigations will need to be conducted.
How does conveyancing in Rise Park differ for new build properties?
Most buyers of new build residence in Rise Park approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Rise Park usually buy 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 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 used to new build conveyancing in Rise Park or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Rise Park is where the house is located. Can you shed any light on this issue?
Flying freeholds in Rise Park are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Rise Park you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rise Park may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Hoping to buy a property located in Rise Park and I am already nervous. I couldn't find anything specific about Rise Park. Conveyancing will be needed in due course but do you know about the Rise Park area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Rise Park. In the meantime here are some basic statistics that we found
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £125,000 garden flat in Rise Park in just under a week. The landlords agents has quoted £384 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Rise Park?
Rise Park conveyancing on leasehold maisonettes normally necessitates the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to assist. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Rise Park conveyancing firm to help?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to judgment on the amount due.
An example of a Lease Extension case for a Rise Park property is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case was in relation to 1 flat.