My previous conveyancer has sent a quote for just over a thousand pound for no move no fee conveyancing in Penkridge. I’m looking to sell a newly refurbished property for £150,000. Is this too much? Is it above the average fee for conveyancing in Penkridge?
The charges are a little high. Where you are prepared to invest time contrasting quotes you might get the conveyancing a bit cheaper by as much as £100 plus VAT. On the other hand, you mightlive to rue choosing an a cheaper conveyancer. If is important to be sure the conveyancer can represent your bank. Do make use of our search tool to choose a Penkridge conveyancing company on the banks approved list of lawyers which can often include conveyancing solicitors in Penkridge.
I'm the only beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Penkridge. The Penkridge property was put into my name in October. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership could be considered the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view banks take of it, depend on the lender as this provision chiefly exists to identify subsales or the quick reselling of property.
I currently have a mortgage with Aldermore for my property in Penkridge. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
Your original mortgage agreement with Aldermore will provide that you need their approval before letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. It may be that Aldermore will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Aldermore directly. You need not do this via a Aldermore conveyancing panel solicitor.
After shopping around on the internet I have found a Penkridge solicitor having made sure that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Penkridge surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Are there restrictive covenants that are commonly identified during conveyancing in Penkridge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Penkridge. 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…’
How does conveyancing in Penkridge differ for newly converted properties?
Most buyers of new build residence in Penkridge approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because house builders in Penkridge typically 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 Penkridge or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a quick, chain free conveyancing. Penkridge is where the house is located. What do you suggest?
Flying freeholds in Penkridge are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penkridge you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penkridge may ascertain 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.