We're in Whiston, First time buyers buying with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
This question may be naive but I am unexperienced as a first time purchaser of a ground floor flat in Whiston. Do I pick up the keys to the house on completion from my conveyancer? If so, I will find a High Street conveyancing solicitor in Whiston?
On the day of completion you do not need to go to the conveyancers office in Whiston. Your solicitors will transfer the purchase money to the vendor’s conveyancers, and once they have received this, you should be called to collect the keys from the property Agents and start moving into the property. Usually this happens between 1 and 3pm.
My aunt pointed out to me me that in buying a property in Whiston there may be various restrictions preventing external alterations to the property. Is this right?
We are aware of a number of properties in Whiston which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Whiston should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am expecting a AIP from Barclays 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 Barclays recommend any Whiston solicitors on the Barclays conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Whiston solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
A colleague suggested that if I am buying in Whiston I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Whiston conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Whiston around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Whiston Education with maps and statistics, Local Amenities and other useful data concerning Whiston.
I am buying my first flat in Whiston benefiting from help to buy. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The estate agent told me not reveal to my solicitor about the side-deal as it could impact my loan with National Westminster Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Whiston I like with amenity areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Whiston in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the 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 request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Expecting to exchange soon on a studio apartment in Whiston. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Whiston should include some of the following:
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You should be sent a copy of the lease The physical ownership of the premises. This might be the property itself but may incorporate a loft or cellar if appropriate. It needs to be made clear to you if the lease allows you to change or upgrade aspects of the property- you must be made aware as to whether any restrictions applies to all alterations or limited to structural alteration, and whether licences for alterations is required Will you be prohibited or prevented from having pets in the property? Ground rent - what is due and when is collected, and be on notice if this is subject to change
I acquired a basement flat in Whiston, conveyancing having been completed June 2000. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Whiston with a long lease are worth £222,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2096
With only 70 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do 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 you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.