We're in De Beauvoir Town, First timers purchasing with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society 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.
I happen to be the sole beneficiary of my late mum's will and I have everything in my name alone, including the house in De Beauvoir Town. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in August. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view banks take of it, depend on the mortgage company as this provision primarily exists to capture the purchase and immediately sell or the flipping of properties.
Can you point me to a directory of UBS panel solicitors in De Beauvoir Town on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the CML or Building Society Association sites. A small selection of banks make their panel listings available on the web. Where you are seeking to appoint a De Beauvoir Town solicitor on the UBS please use our facility.
Planning on purchasing a flat in De Beauvoir Town. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the De Beauvoir Town solicitor is on the Lloyds conveyancing panel.
I need some quick conveyancing in De Beauvoir Town as I have a deadline to sign on the dotted line within 3 weeks. Luckily I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you have the choice not to do searches although no solicitor would suggest that you don't. With lots of history conveyancing in De Beauvoir Town the following are instances of what can crop up and adversely affect market value: Enforcement Actions, Overdue Fees, Overdue Grants, Railway Schemes,...
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. De Beauvoir Town is where the house is located. Is there any guidance you can give?
Flying freeholds in De Beauvoir Town are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in De Beauvoir Town 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 De Beauvoir Town 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 premises.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in De Beauvoir Town. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in De Beauvoir Town are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in De Beauvoir Town in which case you should be looking for a De Beauvoir Town conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.
Notwithstanding our best efforts, we have been unsuccessful in seeking a lease extension in De Beauvoir Town. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to calculate the amount due.
An example of a Lease Extension decision for a De Beauvoir Town property is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The remaining number of years on the lease was 80.5 years.