When does exchange of contracts take place for domestic conveyancing in South Cave and do I need to be at the conveyancers branch?
Where you are round the corner to one of the conveyancing solicitors in South Cave you are welcome to attend to sign contracts. That being said, the law practices we work with provide countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when communicating with you by post or email. The executing of the purchase agreement is not when everything is set in stone. Signing on the dotted line simply enables the firm to address the formalities when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in South Cave)to be in the office at the appropriate time.
I had intended to instruct a conveyancing solicitor in South Cave for our house move. Our financial adviser informed us that our mortgage company Yorkshire Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Lenders tend to imposes restrictions either the type or the volume of conveyancing firms on their member panel. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the type of firm, some have limited the amount of firms they allow to represent them. You should note that Yorkshire Building Society have no responsibility for the quality of advice provided by any member of Yorkshire Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are differing views concerning the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near South Cave only carry out a couple conveyances per annum.
I am due to exchange contracts on my house. I had a double glazing fitted in March 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Aldermore are being difficult. The South Cave solicitor who is on the Aldermore conveyancing panel is saying indemnity insurance will be fine but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
After shopping around on the internet I have found a South Cave property lawyer having checked that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your South Cave postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in South Cave.
Lloyds have agreed my home loan in principle, my offer on a flat in South Cave has been accepted, now what?
The estate agent will want to be informed of your property lawyer's details (be sure the conveyancing practitioners are on the lender’s panel). Contact Lloyds or your financial adviser and finish off any outstanding paperwork. Lloyds will sellect a valuer who will get in touch with the selling agent or seller to book an appointment. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Lloyds will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in South Cave.
My colleague suggested that if I am buying in South Cave I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your South Cave conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about South Cave around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning South Cave.
Just had an offer accepted on a new build apartment in South Cave. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in South Cave
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants.
I've recently bought a leasehold flat in South Cave. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a leasehold flat in South Cave, conveyancing formalities finalised in 1997. How much will my lease extension cost? Corresponding properties in South Cave with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2092
With only 67 years left to run the likely cost is going to range between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.