I am currently in the process of buying my council flat in Tavistock. I have a mortgage agreed with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
Completion of my purchase has taken place for my property in Tavistock. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Tavistock bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Tavistock conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The conveyancing practitioner has to follow the Council of Mortgage Lenders’ Handbook Part 2 specifications 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Tavistock differ for newly converted properties?
Most buyers of new build residence in Tavistock approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Tavistock typically acquire the site, 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 accustomed to new build conveyancing in Tavistock or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one close by in Tavistock I like with amenity areas and transport links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Tavistock for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
In scouring the internet for the phrase on line conveyancing in Tavistock it reveals many conveyancersin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for my move?
The ideal method of choosing a suitable conveyancer is via personal testimonial, so seek the counsel of friends and family who have acquired a property in Tavistock or the reputable estate agent or financial adviser. Costs for conveyancing in Tavistock vary, so it's sensible to obtain at least three quotes from different property lawyers. Dont forget to clarify that the fees are fixed.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Tavistock. Conveyancing solicitors have are about to be appointed. Will they explain the issues?
Most houses in Tavistock are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Tavistock so you should seriously consider looking for a Tavistock conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I own a ground floor flat in Tavistock, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Tavistock with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2095
You have 70 years unexpired the likely cost is going to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
I own a leasehold flat in Tavistock. Conveyancing was finished in 2010. I have been told that I mustn’t let the the remaining lease term to fall too short. What is the reasoning?
Tavistock leasehold properties are for a prescribed period - often 99 years when they are first granted. However many flats in Tavistock were constructed or converted in the 60’s and so these leases now have under eighty years remaining. That may sound like a long time but Banks, Building Societies and other mortgage lenders tend to require leases to have at least 75 years left to adequate security. This means that when you come to sell the property you will need a lease extension if you are getting close to 75 years. To enhance your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore advantages to doing so before the lease hits eighty years as when the lease falls below eighty years the premium you have to pay to extend starts to increase.