I am considering applying for a Principality mortgage for purchase of a new build (under development) in Windlesham with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
In theory, you could use a solicitor that is not on the Principality conveyancing panel, but Principality would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
It has been five months following my purchase conveyancing in Windlesham concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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.
How does conveyancing in Windlesham differ for newly converted properties?
Most buyers of new build property in Windlesham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Windlesham usually purchase the site, 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 Windlesham or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Windlesham I like with a park and transport links in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Windlesham for this price, 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 an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am a couple of weeks into a residential purchase having been directed to solicitors by the local agent to handle our conveyancing in Windlesham. I am am starting to be dissatisfied with the quality of service. Could you help me find new lawyers?
They would need to be very poor in order to consider replacing them. Has your loan offer been issued? In the event that it has you need to advise them of the new contact details and ensure the mortgage documents are re-sent. Your new conveyancer needs to be on the lenders approved list to avoid escalating expenses and frustration. That should be your starting point. The find a solicitor tool can assist you in finding a bank approved solicitor for your home move in Windlesham
I am looking at a couple of flats in Windlesham which have approximately forty five years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Windlesham. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field.
I own a 1 bedroom flat in Windlesham, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Windlesham with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease runs out on 21st October 2093
With just 68 years left to run the likely cost is going to span between £9,500 and £11,000 plus 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 are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.