Have just purchased a repossessed house at auction in Spondon. Conveyancing is needed. What are my next steps?
Given that you have now legally bound yourself to purchase you should appoint a conveyancing lawyer as a matter of priority as you now have a pending a drop dead date to complete the purchase. All auction property will have an associated auction set of papers. This will likely include most,if not all of the paperwork that your conveyancer requires. If you have purchased leasehold premises the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You must pass this on to the conveyancer working for you at the earliest opportunity. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
We have a mortgage agreed in principle with Kent Reliance. Spondon conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
Some lenders take longer than others. Have Kent Reliance conducted the survey? Have you informed Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My wife and I are at the point of looking at apartments in Spondon and I am about to put in an offer. Is it best to have a conveyancer on ‘stand by’? I intend to finance via a home loan with TSB.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are obtaining a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I appreciate that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when purchasing a residence in Spondon? or I am told that there is a law dating back centuries that means some homeowners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this appropriate for conveyancing in Spondon?
Unless a prior acquisition of the premises completed post 12 October 2013 you may assume that lawyers carrying out conveyancing in Spondon to remain recommending a chancel search and or chancel repair liability policy.
three months have gone by following my purchase conveyancing in Spondon took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 Spondon differ for newly converted properties?
Most buyers of new build property in Spondon come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in Spondon 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 conveyancing solicitors 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 Spondon or who has acted in the same development.
I am tempted by the attractive purchase price for a two apartments in Spondon which have approximately 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Spondon is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Spondon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a leasehold flat in Spondon, conveyancing was carried out in 2002. Can you work out an approximate cost of a lease extension? Corresponding flats in Spondon with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2083
You have 58 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered 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.
We are in the middle of purchasing a house in Spondon. Conveyancing lawyer has told us the property is "Leasehold". Will this likely adversely affect our Santander valuation?
Spondon conveyancing does not in most situations involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's almost the same as freehold, so it’s unlikely to impact the saleability significantly.
On the flip side, if it's, say, fifty five years it is bound to have a material effect on the saleability, and probably wouldn't be acceptable to the bank. The length of lease and ground rent will be specified in the lease to be supplied to your conveyancing practitioner.