We're in Fairford, First timers buying with a mortgage (lender is TSB , and our lawyer is on the TSB conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the TSB 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.
My wife and I purchased a 4 bedroom Edwardian house in Fairford. Conveyancing lawyer represented me and Barclays . I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Fairford and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing lawyer who carried out the work.
How does conveyancing in Fairford differ for new build properties?
Most buyers of new build premises in Fairford approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Fairford typically acquire 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 Fairford or who has acted in the same development.
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Fairford. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Fairford are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Fairford so you should seriously consider looking for a Fairford conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I invested in buying a ground floor flat in Fairford, conveyancing formalities finalised 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Fairford with over 90 years remaining are worth £195,000. The ground rent is £45 charged once a year. The lease terminates on 21st October 2087
With 62 years left to run we estimate the price of your lease extension to be between £17,100 and £19,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Is it the case that all Fairford law firms on every lender conveyancing panel?
You can use our search tool or you can pop into your high street lender branch in Fairford. the probability is that they will be in a position to suggest some approved conveyancing solicitors in Fairford