I have just been advised by my lender that my Burscough property lawyer is not on the mortgage company Conveyancing panel. What can I do to be certain that this is indeed the case?
You need to contact your Burscough lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may recommend you to a Burscough conveyancing practice that is on the approved list of lawyers for your mortgage company.
I own a freehold premises in Burscough yet invoiced for rent, why is this and what is this?
It is rare for properties in Burscough and has limited impact for conveyancing in Burscough 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 date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Do I have to visit the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Burscough so that I can attend their offices if required.
As opposed to twenty years ago, most mortgage companies no longer require their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to provide identification documents and there are still manifest advantages to using a local solicitor, in your situation a conveyancing solicitor in Burscough.
When it comes to mortgage companies such as RBS, do Burscough property lawyers face an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
My wife and I are spending time looking at apartments in Burscough and I am now considering a potential offer. Is it best to have my conveyancer on ‘stand by’? I intend to finance via a home loan with Nationwide.
It would be prudent to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are taking out a mortgage with Nationwide, ask your prospective lawyers if they are on the Nationwide conveyancing panel otherwise they can't do the mortgage legal work.
Our offer on a property in Burscough has been agreed to, the vendors do nevertheless have a tied purchase. The vendors have put an offer on on an apartment, however it’s not yet agreed to, and are looking at other flats in the pipeline. I have instructed a local conveyancing solicitor in Burscough. What do I do now? When should I get the mortgage application with Bank of Ireland started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Burscough conveyancing search fees, etc). The first thing to do is check that your property lawyer is on the Bank of Ireland approved list. Regarding the next steps this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. In a rising market the majority of buyers would apply for the mortgage with Bank of Ireland and pay for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
I am looking for a flat up to £245,000 and identified one close by in Burscough I like with amenity areas and transport links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Burscough in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I am tempted by the attractive purchase price for a couple of maisonettes in Burscough which have about 50 years remaining on the lease term. should I be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.
I acquired a studio flat in Burscough, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Burscough with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 levied per year. The lease comes to an end on 21st October 2083
With only 58 years left to run we estimate the price of your lease extension to be between £22,800 and £26,400 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.