My husband and I are looking to buy a flat in Axbridge and are in fact using a Axbridge conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Santander have this evening contacted us to inform me that they have now hit a problem as our Axbridge solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Axbridge solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am the registered owner of a freehold premises in Axbridge yet invoiced for rent, why is this and what is this?
It is rare for properties in Axbridge and has limited impact for conveyancing in Axbridge 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
A friend suggested that if I am purchasing in Axbridge I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Axbridge conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Axbridge around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Axbridge Education with maps and statistics, Local Amenities and other useful information regarding Axbridge.
How does conveyancing in Axbridge differ for new build properties?
Most buyers of new build residence in Axbridge come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Axbridge usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Axbridge or who has acted in the same development.
Should I be suspicious that estate agents that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Axbridge conveyancing company?
As is the case with lots of service providers, often suggestions from connections can be most helpful. But there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all recommend solicitors to choose. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there exists a commercial relationship behind the recommendation. You have the right to choose your preferred lawyer. Don't forget that the majority of mortgage providers specify a panel list of conveyancers you must use for the mortgage related work in your transaction.
What makes a Axbridge lease unmortgageable?
There is nothing unique about leasehold conveyancing in Axbridge. All leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
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Insurance obligations A provision to repair to or maintain elements of the premises
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I inherited a 1st floor flat in Axbridge, conveyancing having been completed December 2011. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Axbridge with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2077
With only 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.