I can't travel far from Stowmarket. I would like to know the reason why all Stowmarket lawyers are not on all bank panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. It led to lenders culling a number of firms from their books of approved property lawyers .
I own a freehold premises in Stowmarket but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Stowmarket and has limited impact for conveyancing in Stowmarket but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Stowmarket so that I can attend their offices when needed.
As opposed to twenty years ago, almost all banks no longer oblige their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to hand over ID documents and there are still distinct benefits to choosing a local solicitor, in your situation a conveyancing solicitor in Stowmarket.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Stowmarket is the location of the property. Can you offer any advice?
Flying freeholds in Stowmarket are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stowmarket you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stowmarket 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 property.
Should I use a Stowmarket conveyancing practitioner who is local to the property I am hoping to buy? An old friend can conduct the legal formalities but her office is a couple of hundredmiles drive away.
The benefit of a high street Stowmarket conveyancing practice is that you can pop in to execute documents, hand in your ID and pester them if necessary. Having local Stowmarket know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were happy that should trump using an unknown Stowmarket conveyancing solicitor just because they are Stowmarket based.
I am looking at a two flats in Stowmarket which have approximately 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Stowmarket is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, 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 Stowmarket 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 any new 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.
Stowmarket Conveyancing for Leasehold Flats - Examples of Questions you should ask before Purchasing
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Its a good idea to discover as much as possible regarding the company managing the building as they can either make your living at the property much simpler or problematic. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to daily matters such as the upkeep of the common parts. Ask prospective neighbours if they are happy with their service. Finally, find out the dates that the maintenance charges are due to the relevant party and precisely what it includes. Who is in charge of the building? What is the yearly maintenance fee and ground rent?