We're in West Brompton, First time buyers purchasing with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Can you help - my lawyer says that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in West Brompton?
The right level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
We expect to receive a OIP from RBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any West Brompton solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint West Brompton solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
Skipton have agreed my home loan in principle, my offer on a property in West Brompton has been agreed to, what happens next?
Your estate agent will want to be informed of your lawyer's details (ensure that the lawyers are on the bank’s approved list). Call up Skipton or the financial adviser and finalise any outstanding forms. Skipton will sellect a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Skipton will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in West Brompton.
I need some quick conveyancing in West Brompton as I have pressure to sign on the dotted line within one month. Thankfully I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are not taking a home loan you have the choice not to do searches although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in West Brompton the following are instances of what can be revealed and therefore impact future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Unadopted Roads,...
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in West Brompton I like with a park and railway links in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in West Brompton for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. 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. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Given that I am about to spend £400,000 on 3 bedroom house in West Brompton I wish to talk to a conveyancer about myhome move prior to giving the go ahead to the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer due to be conducting your property ownership legalities in West Brompton.There is no ‘factory style conveyancing’ - every client is an important individual, not a case reference. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in West Brompton should be the figure that you are charged.
Last January I purchased a leasehold house in West Brompton. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have had difficulty in seeking a lease extension in West Brompton. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to arrive at the sum to be paid.
An example of a Freehold Enfranchisement decision for a West Brompton residence is 5 Wetherby Gardens in June 2014. the Tribunal concluded that the price to be paid for the freehold of the property was £2,369,452. This case affected 5 flats. The unexpired residue of the current lease was 38.98 years.