When it comes to mortgage companies such as RBS, do Broughton solicitors have to pay an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Broughton conveyancer on the TSB panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
It is not clear whether my bank requires a lease extension. I have called my Broughton bank branch on a couple of occasions and was told it wasn't an issue and they would lend. My Broughton conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their published requirements. I simply don't know who is right.
Provided that the lawyer is on the mortgage company panel, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What can a local search inform me concerning the property we're buying in Broughton?
Broughton conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Searches UK The local search plays an important part in most Broughton conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
four months have gone by following my purchase conveyancing in Broughton concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Broughton is the location of the property. Can you offer any opinion?
Flying freeholds in Broughton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Broughton you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Broughton may decide 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 premises.
I am on look out for some leasehold conveyancing in Broughton. Before diving in I would like to find out the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Broughton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a leasehold flat in Broughton, conveyancing having been completed 4 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? Comparable flats in Broughton with over 90 years remaining are worth £192,000. The ground rent is £55 per annum. The lease finishes on 21st October 2079
With just 54 years unexpired the likely cost is going to be between £32,300 and £37,400 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
Been reading online that Broughton solicitors are more expensive than licensed conveyancers in Broughton to use when buying a house. Am I better off using a conveyancer or a solicitor if I am buying a property in Broughton.
When it comes to conveyancing in Broughton the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.