I am acquiring a ground floor flat in Audley. My lawyer is not listed on the lender solicitor panel. Is it possible for me to retain my Audley conveyancing solicitor notwithstanding that they are excluded from the bank panel?
One must appoint a property lawyer to deal with the legal work required when you require a loan to purchase your property. They will conduct all the appropriate investigations on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage documentation is dealt with. You could appoint a Audley solicitor of your choosing. Nevertheless, if the conveyancer appointed is not a member of the mortgage company approved list further costs will be levied as separate legal representation will be required by them. Lender panel applications can be submitted, so provided your solicitor has not in the past sought membership they should take the chance to apply.
The vendors of the property we are purchasing have instructed a conveyancing solicitor in Audley who has recommended a lock out contract with a down payment two thousand pounds. Are such agreements sensible?
This type of arrangement is not the norm in Audley, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the lawyer is left exposed. In addition, there is no certainty that just because the proprietor has signed a lock out contract they will sell to you. They may be in contravention of the contract if they are offered sufficient incentive to do so because an aggrieved purchaser with the benefit of a exclusivitycontract will still be obliged establish consequential losses from the breach and these may not equate the extra amount that your vendor may gain by reneging on the agreement, no matter how morally unworthy the behaviour is.
Why is leasehold purchase conveyancing in Audley costs more?
Audley leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I have been on the look out for a flat up to £245,000 and found one round the corner in Audley I like with amenity areas and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Audley in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I need to instruct a conveyancing solicitor in Audley for my home move. Can I see a solicitor's record with the legal regulator?
Anyone can read presented Solicitor Regulator Association (SRA) determinations stemming from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The regulator may recorded call for training requirements.
Having checked my lease I have discovered that there are only 62 years remaining on my lease in Audley. I am keen to extend my lease but my freeholder is absent. What options are available to me?
If 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 mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the landlord. For most situations 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 freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Audley.
I invested in buying a leasehold 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 charged once a year. The lease terminates on 21st October 2086
You have 60 years left to run we estimate the premium for your lease extension to range between £20,000 and £23,000 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.