We expect to receive a AIP from RBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Romsey solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Romsey solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Romsey bank branch on various occasions and was told they are content with the situation and they would lend. My Romsey conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I have no idea who is right.
The conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 left on the lease.
Our offer on a detached house in Romsey has been accepted, but there is a chain. The vendors have placed an offer on a flat, however it’s not yet agreed to, and are looking at other apartments booked. I have instructed a local conveyancing solicitor in Romsey. What should be my next step? At what point do I apply for the mortgage with Skipton?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then valuation, Romsey conveyancing search fees, etc). First, you should ensure that your conveyancing practitioner is on the Skipton conveyancing panel. As to the subsequent steps this very much dictated by the uniqueness of your case, motivation for this property and on the state of the market. During a buoyant market some buyers will apply for a home loan with Skipton and pay for the valuation and only if it comes back ok would they ask their solicitor to move forward with the conveyancing in Romsey.
Do commercial conveyancing searches reveal planned roadworks that may affect a commercial estate in Romsey?
Its becoming the norm that commercial conveyancing solicitors in Romsey will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Romsey. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Romsey.
For each commercial conveyancing transaction in Romsey it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Romsey commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Romsey.
3 months have gone by following my purchase conveyancing in Romsey took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Romsey differ for new build properties?
Most buyers of new build residence in Romsey approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Romsey tend to 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 Romsey or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Romsey prior to appointing solicitors. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will refuse to grant a mortgage on such a premises.
It varies from the lender to lender. HSBC has different instructions from Halifax. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Romsey. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Romsey to see if the conveyancing costs will increase in light of this.
I am intending to let out my leasehold apartment in Romsey. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Your lease dictates relations between the landlord and you the leaseholder; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Romsey do not contain subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Leasehold Conveyancing in Romsey - Sample of Questions you should consider before Purchasing
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Is anyone aware of any major works anticipated that will likely increase the maintenance costs? Most Romsey leasehold flats will incur a service charge for maintenance of the block set on behalf of the freeholder. If you purchase the flat you will have to meet this contribution, usually in instalments accross the year. This can vary from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a ground rent for you to pay yearly, this is usually not a exorbitant figure, say approximately £50-£100 but you need to check it because on occasion it can be many hundreds of pounds. Is the freehold owned jointly by the leaseholders?