My partner and I have lately bought a property in Saltash. We have noticed several issues with the house which we believe were omitted in the conveyancing searches. What action can we take? Can you clarify the type of searches that should have been carried out as part of conveyancing in Saltash?
The query is vague as to the nature of the problems and if they are unique to conveyancing in Saltash. Conveyancing searches and investigations initiated as part of the legal transfer of property are carried out to help avoid problems. As part of the process, a property owner answers a form called a SPIF. answers turns out to be misleading, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Saltash.
We're in Saltash, First timers buying with a mortgage (lender is Aldermore , and our solicitor is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I currently have a mortgage with Santander for my property in Saltash. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
You must advise Santander prior to letting out your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
Co-operative have agreed my home loan in principle, my bid on a house in Saltash has been agreed to, what happens next?
Your estate agent will wish to be informed of your solicitor's details (make sure the solicitors are on the lender’s panel). Telephone Co-operative or your broker and finalise any relevant forms. Co-operative will instruct a valuer who will get in touch with the selling agent or vendor to arrange a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a fortnight to receive the mortgage offer. Co-operative will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Saltash.
My offer on a house in Saltash has been accepted, but there is a chain. The vendors have offered on somewhere, however it’s not been accepted yet, and are looking at other properties in the pipeline. I have selected a nearby conveyancing solicitor in Saltash. What should be my next step? When do I get the mortgage application with TSB started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is approx £1k, then valuation, Saltash conveyancing search charges, etc). The first thing to do is check that your lawyer is on the TSB conveyancing panel. As to the next stages this very much dictated by the circumstances of your transaction, motivation for the property and on the state of the market. During a hot market many purchasers would apply for a home loan with TSB and pay for the valuation and only if it was satisfactory would they pay their conveyancer to proceed with searches.
My wife and I have a renovated Georgian property in Saltash. Conveyancing solicitor represented me and Barclays Direct. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the exact same address. Is it worth asking Barclays Direct to clarify?
You should 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 Saltash and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing lawyer who conducted the purchase.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Saltash is where the house is located. Is there any guidance you can impart?
Flying freeholds in Saltash are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Saltash you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Saltash may decide 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 premises.
Looking forward to sign contracts shortly on a studio apartment in Saltash. Conveyancing solicitors assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Saltash should include some of the following:
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Are you allowed to have a pet in the flat? It needs to be made clear to you if the lease permits you to add or upgrade anything in the flat- you should know whether any restrictions relates to all alterations or just structural alteration, and whether consent is mandated necessary What options are available to the landlord where you are in breach of your lease terms? Your solicitors should enable you to have an understanding of the building insurance obligations Rent payments - what is due and what the invoice dates are, and be on notice if this is subject to change
I invested in buying a ground floor flat in Saltash, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Saltash with over 90 years remaining are worth £186,000. The ground rent is £55 per annum. The lease runs out on 21st October 2078
With 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.