I am considering applying for a UBS mortgage for purchase of a newly converted (under development) in Waterbeach with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
four months have gone by since my purchase conveyancing in Waterbeach took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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.
I have been on the look out for a flat up to £195,000 and found one round the corner in Waterbeach I like with amenity areas and station nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Waterbeach in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan that many years may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Taking into account that I will soon spend hundreds of thousands of pounds on 3 bedroom house in Waterbeach I would like to talk to a conveyancer regarding thehouse move ahead of giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the solicitor who will be carrying out your property ownership legalities in Waterbeach.There is no ‘factory style conveyancing’ - each client is unique individual, not a file number. The practices that we put you in touch with believe that the figure you are quoted for residential conveyancing in Waterbeach should be the amount on the final invoice that you end up paying.
Expecting to exchange soon on a basement flat in Waterbeach. Conveyancing solicitors inform me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Waterbeach should include some of the following:
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Who has the liability for repairing the window frames Whether the lease restricts you from renting out the flat, or having a home office for business Your lawyers should enable you to have an understanding of the building insurance provisions Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? You should be sent a copy of the lease
Waterbeach Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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What is the name of the managing agents? Does the lease contain onerous restrictions? You should be aware that where the lease has less than 80 years it will impact the marketability of the flat. Check with your lender that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably require a lease extension sooner rather than later and it is worth finding out what this will be. For most Waterbeachlease extensions you would need to own the premises for a couple of years before you are entitled to extend the lease.
We are in the middle of purchasing a property in Waterbeach. Conveyancing lawyer has called to say the title is "Leasehold". Will this likely adversely affect our Halifax valuation?
Waterbeach conveyancing does not normally involve leasehold houses. The key factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the marketability too much.
At the other end of the spectrum, if it's, say, 50 years it is bound to have a material impact on the saleability, and most likely wouldn't be mortgageable. The length of lease and ground rent will be set out in the lease which should be made available to your solicitor.