I have just been advised by my mortgage broker that my Laindon property lawyer is not on the mortgage company Solicitor panel. What can I do to check?
The first thing you need to do is to call your Laindon lawyer directly. You lawyer should notify you what has happened. Where they are not on the panel they may be able to suggest a Laindon conveyancing practice that is on the approved list of lawyers for your mortgage company.
I own a freehold premises in Laindon but nevertheless pay rent, why is this and what is this?
It is rare for properties in Laindon and has limited impact for conveyancing in Laindon 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Santander Conveyancing panel ahead of completing my conveyancing in Laindon?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
A friend advised me that where I am purchasing in Laindon I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Laindon conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Laindon 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 House Prices, Crime statistics, Laindon Education with plans and statistics, Local Amenities and other useful data about Laindon.
In sourcing the world wide web for the term conveyancing in Laindon it reveals many property lawyersin the area. How do I determine which is the suitable solicitor for the sale of my house?
The preferential way of choosing the right conveyancer is through a trusted referral, so ask colleagues and family who have acquired a property in Laindon or the local estate agent or financial adviser. Charges for conveyancing in Laindon vary, so it's sensible to secure a minimum of three estimates from varying types of companies. Dont forget to clarify that the fees are fixed.
I work for a busy estate agent office in Laindon where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Laindon conveyancing solicitors. Could you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 bought a split level flat in Laindon, conveyancing having been completed 9 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Laindon with a long lease are worth £206,000. The ground rent is £45 yearly. The lease ceases on 21st October 2091
With only 66 years unexpired the likely cost is going to span between £11,400 and £13,200 plus costs.
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 the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.