We see that you have a search directory identifying solicitors on the Yorkshire BS conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Chobham?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Chobham.
Our lender has recommended a law firm on their panel based in Chobham but I would rather instruct a conveyancing lawyer in Chobham round the corner to me. Are you able to help?
Not all Chobham conveyancing practices are approved and listed on all banks conveyancing panel. Please make use of the above find an approved solicitor tool to choose a Chobham conveyancing firm on the on the lender panel.
I have been told by my conveyancer that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Chobham?
The appropriate level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Accord Mortgages Ltd and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
When it comes to mortgage companies such as Coventry BS, do Chobham lawyers have to pay a fee to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
The mortgage over my property is with Nottingham for my property in Chobham. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval before renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel solicitor.
I was advised by numerous estate agents in Chobham to select a solicitor using your seach tool. What’s the financial inducement for Estate Agents to market your lawyers over and above a competitor’s?
We don’t make any referral fee for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Do you have any top tips for leasehold conveyancing in Chobham from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chobham can be avoided if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers. The majority of freeholders or managing agents in Chobham levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Chobham. Some Chobham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Obtaining a new share certificate is often a time consuming process and slows down many a Chobham conveyancing deal. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible. You believe that you know the number of years left on your lease but it would be wise to double-check via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I purchased a ground floor flat in Chobham, conveyancing was carried out in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Chobham with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2092
With only 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
Can I find out who is the owner of a property in Chobham?
On the basis that the premises is registered with HMLR, and you have sufficient details of the location of the property, you should be able to view details from the HM Land Registry of the recorded owner for a fee.