Finally the sale completed on my house in Shaftesbury last October yet the purchaser is texting daily to say his conveyancer needs to hear from mylawyer. What should my lawyer have done now that I have sold?
After completion of your disposal your conveyancer should forward the transfer deeds and all of the paperwork to the buyer’s lawyers. Where appropriate, your solicitor must also evidence that the mortgage has been discharged to the purchasers solicitors. There are no post completion procedures peculiar conveyancing in Shaftesbury.
Is it the case that all Shaftesbury solicitor firms on the RBS conveyancing panel are governed by the SRA?
As solicitors, in order to be on the RBS approved list of solicitors they would need to be regulated by the SRA. Some banks do allow licenced conveyancers on their panel and in that case the firms would be governed by the CLC.
It is not clear whether my bank requires a lease extension. I have called my Shaftesbury building society branch on numerous occasions and was reassured it wasn't a problem and they will lend. My Shaftesbury conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their specific requirements. I have no idea who is right.
Your property lawyer must comply with the CML Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
Co-operative have agreed my mortgage in principle, my bid on a flat in Shaftesbury has been agreed to, what are the next steps?
The property agent will want to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Call up Co-operative or your broker and finalise any outstanding forms. Co-operative will instruct a valuer who will get in touch with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Co-operative will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Shaftesbury.
I have been told that property searches are the number one reason for obstruction in Shaftesbury house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Shaftesbury.
I am purchasing a new build house in Shaftesbury with the aid of help to buy. The builders would not move on the amount so I negotiated 6k of extras instead. The property agent told me not disclose to my lawyer about this side-deal as it would adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out 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, no chain conveyancing. Shaftesbury is the location of the property. What do you suggest?
Flying freeholds in Shaftesbury are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shaftesbury you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shaftesbury may ascertain 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.
Expecting to complete next month on a studio apartment in Shaftesbury. Conveyancing solicitors have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Shaftesbury should include some of the following:
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You should know whether the lease allows you to add or improve anything in the premises- you must be made aware as to whether it applies to all alterations or just structural alteration, and whether consent is mandated necessary The physical extent of the demise. This could be the flat itself but may incorporate a roof space or cellar if applicable. You should have a good understanding of the insurance requirements Responsibility for repairing the window frames The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I bought a leasehold flat in Shaftesbury, conveyancing having been completed 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Shaftesbury with an extended lease are worth £191,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2079
With 54 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.