Me and my partner are soon to complete on the purchase of a house in Yateley but as a consequence of wreckage from the recent storms I have managed to agree reparation from the owner in the sum of three thousand pounds by way of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process yet Nottingham are not allowing this. Why were they approached?
The conveyancing practitioner being on a Nottingham approved list is duty bound to advise Nottingham of any amendments to the purchase price. If you prohibit your property lawyer to disclose the reduction to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new property lawyer for your conveyancing in Yateley.
It is 10 years ago since I bought my house in Yateley. Conveyancing solicitors have now been instructed on the sale but I am unable to locate my title documents. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by your mortgage company or they could be in the possession of the conveyancers who acted in your purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Yateley involves registered property but in the rare situation where your property is not registered it is more of a problem but is not insurmountable.
I am the sole beneficiary of my late father’s will and I have everything in my name alone, including the my former home in Yateley. Conveyancing formalities meant that the Land Registry date was in July. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be treated the same way as if I'd bought the house in July. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this clause chiefly exists to capture the purchase and immediately sell or the flipping of properties.
I was told four weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Yateley is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
My offer on a property in Yateley has been agreed to, the owners do however have an associated purchase. The vendors have offered on on an apartment, but it’s not been accepted yet, and have viewings of other apartments booked. I have selected a local conveyancing solicitor in Yateley. What should be my next step? At what stage do I apply for the mortgage with Lloyds?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then valuation, Yateley conveyancing search fees, etc). The first thing to do is check that your solicitor is on the Lloyds conveyancing panel. As to the subsequent stages this very much dictated by the uniqueness of your case, desire for the property and on the state of the market. In a hot market many buyers will apply for the mortgage with Lloyds and arrange for the valuation and only if it was satisfactory would they request their solicitor to move forward with the conveyancing in Yateley.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Yateley is where the house is located. What do you suggest?
Flying freeholds in Yateley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Yateley you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yateley may determine 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 residence.
I'm converting the mortgage on my existing house to a BTL mortgage with Birmingham Midshires and intend to use the remaining equity as a deposit on another property. The neighborhood we are interested in is Yateley. Will your conveyancers be able to act for the two mortgage companies and tie in the conveyances?
Make use of our comparison tool on this page to ensure that the lawyers are approved by both mortgage companies. Assuming that they are your conveyancer should be able to simultaneously deal with the two transactions but you should talk with you conveyancer and make apparent your expectations and requirements.
Planning to complete next month on a basement flat in Yateley. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Yateley should include some of the following:
-
How long the lease is. You should receive guidance as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years Whether your lease provides for a slush fund? Defining your legal entitlements in relation to common areas in the block.For instance, does the lease provide for a right of way over a path or hallways? Changes to the premises You should know if the lease allows you to alter or upgrade aspects of the premises- you should be made aware as to whether it relates to all alterations or just structural alteration, and whether consent is mandated necessary
I invested in buying a split level flat in Yateley, conveyancing formalities finalised 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Yateley with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2095
With 70 years left to run the likely cost is going to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.