Unfortunately I am unable to travel far from Basingstoke. I would like to know the reason why all Basingstoke property lawyers aren't automatically on all mortgage company panels?
Pre- 2008 most banks displayed an attitude to risk which differs from the current day. The FSA in 2010 carried out a thematic review into fraud which in summary warned lenders: know the property lawyers on your panel. As a result, lenders have subsequently looked to extract more data from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum amount of transactions the mortgage companies required.
What is the first thing I need to know concerning purchase conveyancing in Basingstoke?
Not many law firms shout this from the rooftops but conveyancing in Basingstoke or throughout Hampshire is often a confrontational experience. In other words, when it comes to conveyancing there exists plenty of room for confrontation between you and other parties involved in the legal transfer of property. For instance, the seller, selling agent and on occasion a mortgage company. Choosing a law firm for your conveyancing in Basingstoke should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the transaction whose interest is to protect your best interests and to keep you safe.
There is a worrying ongoing adversarial element to conveyancing- someone has to be blamed for the process taking so long. We recommend that you must always trust your conveyancer above the other parties when it comes to the legal assignment of property.
Will commercial conveyancing searches reveal impending roadworks that could affect a commercial property in Basingstoke?
Its becoming the norm that commercial conveyancing solicitors in Basingstoke will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Basingstoke. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Basingstoke.
For each commercial conveyancing transaction in Basingstoke it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Basingstoke commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Basingstoke.
Me and my brother purchased a terraced Edwardian house in Basingstoke. Conveyancing practitioner represented me and Yorkshire Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Basingstoke and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who completed the work.
I am using a search engine for the phrase cheap conveyancing in Basingstoke it brings up numerous property lawyersin the area. How do I determine which is the right property lawyer for me?
The preferential method of finding the right conveyancer is through a trusted recommendation, so seek the counsel of friends and those you trust who have acquired a property in Basingstoke or the reputable estate agent or mortgage broker. Costs for conveyancing in Basingstoke vary, so it's advisable to request a minimum of four estimates from varying types of conveyancers. Dont forget to clarify that the fees are fixed.
I am a negotiator for a busy estate agent office in Basingstoke where we see a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Basingstoke conveyancing solicitors. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 buyer.
I own a ground floor flat in Basingstoke, conveyancing formalities finalised 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Basingstoke with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2075
With 53 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.