Can you explain why leasehold purchase conveyancing in Fallowfield costs more?
Fallowfield leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I have decided to exercise my right to buy my property in Fallowfield off the council. I have a mortgage agreed with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
It is unclear whether my lender requires a lease extension. I have telephoned my Fallowfield bank branch on a couple of occasions and was advised it wasn't an issue and they would lend. My Fallowfield conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the bank approved list, they must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Coventry BS have agreed my home loan in principle, my offer on a flat in Fallowfield has been accepted, what happens next?
The estate agent will want to be informed of your conveyancer's details (ensure that the property lawyers are on the lender’s panel). Contact Coventry BS or the broker and finalise any appropriate paperwork. Coventry BS will appoint a valuer who will get in contact with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Coventry BS will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Fallowfield.
Are there restrictive covenants that are commonly picked up during conveyancing in Fallowfield?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Fallowfield. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey done on a property in Fallowfield ahead of instructing conveyancers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some lenders may not give a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Fallowfield. Conveyancing will be smoother if you use a solicitor in Fallowfield especially if they are acquainted with such properties in Fallowfield.
I’m about to sell my ground floor flat in Fallowfield.Conveyancing lawyers have not yet been instructed however I have recently received a yearly service charge invoice – what should I do?
It best that you clear the invoice as normal given that all ground rent and service invoices will be allottedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially