It has come to my attention via my IFA that my Spondon lawyer is not on the mortgage company Conveyancing panel. How can I be certain that this is indeed the case?
The sensible course of action for you to take is to call your Spondon conveyancer. It is reasonable to expect your lawyer to advise you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
In what way does my ID and proof of funds have anything to do with my conveyancing in Spondon? What am I being asked for?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you are required to sign will no doubt reaffirm this. Your lender will also require certain documents to be viewed. If you are unwilling to hand over ID verification documents, your conveyancer will not be able to take you on as a client.
I opted to have a survey done on a house in Spondon before retaining lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some lenders will refuse to issue a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Spondon. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by numerous property agents in Spondon to choose a solicitor on your site. Is there a financial inducement for Estate Agents to recommend your site over and above another?
We refuse to give any commission for directing people our way. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am looking at a two maisonettes in Spondon both have approximately fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Spondon is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Spondon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a 1 bedroom flat in Spondon, conveyancing formalities finalised in 2004. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Spondon with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2082
You have 58 years unexpired the likely cost is going to span between £23,800 and £27,400 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
I need to find a lender panel solicitor in Spondon. Could you help me?
It is not clear why you need a Spondon panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Spondon are on their panel . If you do find such a firm in Spondon not listed please direct them to our site to list. After all the cost is only one £1 a month