I plan on acquiring residence in Audley. My Solicitor has never been on on the bank solicitor panel. Can I still continue with my Audley conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?
You have a number of choices open to you here
- Proceed with your preferred Audley property lawyer but your lender will undoubtedly retain a solicitor from their approved panel. The net result is additional charges and likely frustration.
- Choose a fresh property lawyer to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Convince your solicitor to do everything possible to get listed on the mortgage company conveyancing panel
The owners have rather pushy vendors who has insisted on a lock out agreement with a down payment 10k. Are such arrangements recommended for Audley conveyancing transactions?
There are two main concerns with signing a lock out contract (also referred to as a shut-out contract) is that it can distract from moving forward with the conveyancing process, so unless it requires little or no negotiation then it may turn out to be a hindrance. It is not promoted amongst Audley conveyancing practitioners as a result. A further issue is the extent of the remedies available - an aggrieved buyer is very unlikely to be granted an injunction to stop the owner disposing of the property to a third party, so the only remedy available under the agreement will be the recovery of abortive charges and, in limited situations, the extra payment of damages.
Is there a reason why leasehold purchase conveyancing in Audley costs more?
The conveyancing costs on a leasehold premises in Audley is often greater when contrasted to a freehold residence. This is due to the additional investigations required in communicating with the landlord and management company to collate the information concerning whether the rent and maintenance fee have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Audley I like with a park and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Audley in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I have been sourcing a conveyancing practitioner in Audley for my house move. Is there any facility to see a solicitor's record with the profession’s regulator?
One may see presented Solicitor Regulator Association (SRA) decisions resulting from inquisitions started on or after Jan 2008. Visit Check a solicitor's record. To find details Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, call +44 (0)121 329 6800. The SRA could monitor telephone calls for training reasons.
I only have Fifty years remaining on my flat in Audley. I need to extend my lease but my freeholder is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to locate the landlord. In some cases an enquiry agent may be useful to try and locate and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Audley.
I own a split level flat in Audley, conveyancing was carried out 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Audley with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2086
With 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered 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.