We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel lawyer as I would much rather use a Margate based conveyancing firm?
Do check but the the likelihood is that appoint one of their panel lawyers if you accept the "fee-free" incentive. Speak to the mortgage company and determine if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Margate.
My friend suggested that where I am buying in Margate I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Margate conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Margate around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Margate Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Margate.
How does conveyancing in Margate differ for new build properties?
Most buyers of new build property in Margate contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Margate typically acquire the land, 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 Margate or who has acted in the same development.
Hoping to buy a property located in Margate and I am already nervous. I couldn't find anything specific about Margate. Conveyancing will be needed in due course but do you know about the Margate area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Margate. In the meantime here are some basic statistics that we found
I've recently bought a leasehold property in Margate. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a ground floor flat in Margate, conveyancing having been completed March 2005. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Margate with over 90 years remaining are worth £202,000. The ground rent is £60 charged once a year. The lease ends on 21st October 2080
With only 56 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.