We're in Wigton, FTBs purchasing with a mortgage (lender is Clydesdale , and our lawyer is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale 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.
My aunt informed me that in buying a property in Wigton there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Wigton which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Wigton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I can not work out if my lender requires a lease extension. I have called into my local Wigton building society branch on numerous occasions and was told they are content with the situation and they would lend. My Wigton conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the property lawyer is on the lender panel, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Yorkshire BS have agreed my home loan in principle, my offer on a flat in Wigton has been agreed to, what are the next steps?
Your estate agent will wish to know who your solicitors are (be sure the solicitors are on the lender’s panel). Telephone Yorkshire BS or the financial adviser and complete any appropriate paperwork. Yorkshire BS will instruct a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to occur. Once carried out (assuming no problems) it takes on average ten days to receive the mortgage offer. Yorkshire BS will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wigton.
Just had an offer accepted on a new build apartment in Wigton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Wigton
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Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I'm converting the mortgage on my primary house to a BTL mortgage with Yorkshire Building Society and I will use the rest of the raised equity towards further property. The area we are talking about is Wigton. Will your conveyancers be able to act for the two lenders and link together the conveyances?
Do use our comparison tool on this site to be sure that the conveyancers are on the relevant lender panels. Having checked that they are the solicitor should be able to tie up the two conveyancing matters but you should have a chat with you solicitor and communicate your desired outcome and requirements.
I am employed by a long established estate agency in Wigton where we have witnessed a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Wigton conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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 buyer.
Leasehold Conveyancing in Wigton - Examples of Questions you should ask Prior to buying
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How many of the leaseholders are in arrears for their maintenance charge payments? The answer will be important as a) areas can cause problems in the block as the communal areas may begin to deteriorate where repairs remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have full disclosure
I am purchasing a house mortgage free. My conveyancer has been handed with 2 distinct forms of photographic identification, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer stating that the funds are legitimate and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Wigton conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.