Finally the sale completed on my house in Wedmore last January yet the purchaser is texting me complaining that their conveyancer is waiting to hear from mine. What are the post completion sale legalities following completion?
Following your disposal your conveyancer is obliged to forward the transfer deeds and all of the paperwork to the buyer’s conveyancer. Depending on the transaction, your conveyancer must also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers solicitors. There is unlikely to be post completion procedures peculiar conveyancing in Wedmore.
I am buying a terraced house in Wedmore. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Wedmore you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Wedmore.
I am expecting a AIP from HSBC this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any Wedmore solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Wedmore solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
My wife and I are in the process of viewing apartments in Wedmore and I am about to put in an offer. Is it best to have a lawyer on ‘stand by’? I intend to finance via a mortgage with Yorkshire BS.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are getting a mortgage with Yorkshire BS, make sure you remember to check that your lawyer is on the Yorkshire BS conveyancing panel.
I recently had an offer agreed on an apartment in Wedmore. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. Shortly after, the solicitor contacted me to say that they were not on the Kent Reliance 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 Kent Reliance 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.
How does conveyancing in Wedmore differ for new build properties?
Most buyers of new build property in Wedmore contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Wedmore usually buy the land, 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 conveyancers 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 Wedmore or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Wedmore is where the house is located. What do you suggest?
Flying freeholds in Wedmore are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wedmore you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wedmore may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am attracted to a two maisonettes in Wedmore both have in the region of 50 years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Wedmore is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Wedmore conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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 am the registered owner of a split level flat in Wedmore, conveyancing having been completed October 2000. Can you work out an approximate cost of a lease extension? Corresponding flats in Wedmore with over 90 years remaining are worth £191,000. The ground rent is £55 yearly. The lease ceases on 21st October 2078
With just 53 years left to run the likely cost is going to be between £27,600 and £31,800 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 comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to 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.