I happen to be the single beneficiary of my late grandmother’s estate and I have everything in my name alone, including the house in Warwickshire. The Warwickshire property was put into my name in August. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership will be regarded the same way as if I'd bought the property in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view banks take of it, depend on the bank as this clause chiefly exists to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
How can we tell if a Warwickshire conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Warwickshire obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer conducting your conveyancing.
I recently had an offer agreed on an apartment in Warwickshire. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. A couple of days later, the conveyancing practitioner contacted me embarrassingly acknowledging that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been 4 months since my purchase conveyancing in Warwickshire concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 premises 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 Warwickshire differ for newly converted properties?
Most buyers of new build or newly converted property in Warwickshire contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Warwickshire tend to purchase 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 accustomed to new build conveyancing in Warwickshire or who has acted in the same development.
My husband and I are 17 days into a leasehold purchase having been directed to conveyancers by the selling agent to handle our conveyancing in Warwickshire. I am not happy. Can you you assist me in finding new conveyancers?
They would need to be very poor in order to consider diss instructing them. Has your loan offer been sent? In the event that it has you need to inform them of the new conveyancer and get the mortgage documents are re-issued. Your new solicitor ideally should be on the mortgage company panel to avoid supplemental charges and complications. So that should be your first question of the new solicitors. Our find a solicitor tool should help you find a bank approved solicitor for your conveyancing in Warwickshire
I work for a busy estate agent office in Warwickshire where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Warwickshire conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 1st floor flat in Warwickshire, conveyancing having been completed 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Warwickshire with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2082
You have 57 years unexpired we estimate the premium for your lease extension to be between £26,600 and £30,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
What is the distinction between surveying and conveyancing in Warwickshire?
Conveyancing - in Warwickshire or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re buying and will help you discover the condition of the building and, if there are problems, give you a powerful reason for negotiating the purchase price down or asking the vendor to remedy the problems prior to you complete your move.