My wife and I are intent on acquiring property in Stotfold. My Conveyancer is not listed on the mortgage company approved panel. Can I still appoint my Stotfold conveyancing solicitor even though they are not on the bank panel?
One must use a solicitor to complete the legal work required when you take out a mortgage to buy your home. They will carry out all the appropriate due diligence on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage documentation is dealt with. One could select a Stotfold property lawyer of your choice. However, where the conveyancer appointed is not on the lender solicitor panel additional costs will arise as separate legal representation will be need by the mortgage company. Conveyancing panel applications may be submitted, so where your solicitor has not in the past sought membership they should do so.
We note that you have a post code search directory listing firms on the Leeds Building Society conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Stotfold?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stotfold.
Do I need to pay for insurance to address the risk of chancel repairs when buying a house in Stotfold?
Unless a previous purchase of the house completed after 12 October 2013 you can expect solicitors carrying out conveyancing in Stotfold to continue to advocate a chancel search and or chancel repair liability policy.
I decided to have a survey completed on a house in Stotfold ahead of retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will not grant a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stotfold. Conveyancing will be smoother if you use a solicitor in Stotfold especially if they are accustomed to such properties in Stotfold.
I am a negotiator for a reputable estate agent office in Stotfold where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Stotfold conveyancing solicitors. Can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a 1st floor flat in Stotfold, conveyancing was carried out May 2004. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Stotfold with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2081
You have 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Why do Stotfold conveyancing costs differ for leasehold and freehold properties?
Leasehold conveyancing in Stotfold will often involve additional work such as reviewing the lease, corresponding with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts etc.