When researching consumer advice sites for a high-quality lawyer in Leicester, most comment that I must look for a CQS kitemarked lawyer. What is CQS?
Leicester Conveyancing Quality Scheme practices have been granted accreditation by the law Society CQS was brought about to establish evidence of quality standards in the home buying process. CQS helps consumers to identify practices that provide a quality residential conveyancing. Leicester is one of locations in England and Wales in which CQS are based. The scheme obliges practices to undergo a strict assessment, compulsory training, self-certification, random audits and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Building Societies Association.
I'm the single beneficiary of my late father’s will with all property in now in my sole name, including the house in Leicester. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in September. Do I have to wait 6 months to sell?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. many mortgage companies would take a sensible view as this clause principally exists to identify subsales or the flipping of properties.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Leicester building society branch on various occasions and was told it does not impact the mortgage offer and they will lend. My Leicester conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their specific requirements. Who do I believe?
Your conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
HSBC have agreed my mortgage in principle, my bid on a property in Leicester has been accepted, what happens next?
Your estate agent will want to be advised as to your conveyancer's details (ensure that the property lawyers are on the bank’s panel). Telephone HSBC or your broker and complete any appropriate paperwork. HSBC will appoint a valuer who will get in touch with the selling agent or seller to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. HSBC will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Leicester.
I need some quick conveyancing in Leicester as I have an ultimatum to sign on the dotted line within 3 weeks. Luckily I do not require a mortgage. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not obtaining a mortgage you have the choice not to do searches although no law firm would recommend that you don't. With lots of history conveyancing in Leicester the following are examples of issues that can show up and therefore affect the marketability of the property: Enforcement Notices, Overdue Fees, Overdue Grants, Road Schemes,...
Me and my brother purchased a semi-detached Victorian property in Leicester. Conveyancing practitioner acted for me and Aldermore. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the matching address. Is it worth asking Aldermore to clarify?
You should assess 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 Leicester 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 lenders. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
My company is planning to lease a unit on the high street. Can you recommend lawyers offering no-move-no fees for non-domestic conveyancing in Leicester for below £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Leicester, including the disposal and acquisition of businesses as well as simply premises. If you are intending to buy or lease a shop, pub, restaurant, office, retail premises or a whole business we can find you the right firm. As for the costs this will depend on the structure and heads of terms of the proposed transaction. Please provide us with your contact information or telephone so as to enable us to furnish you with a detailed commercial conveyancing calculation.
Can you provide any top tips for leasehold conveyancing in Leicester from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Leicester can be bypassed where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled. Some Leicester leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any 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 service charge figures so that they can pass this information on to the buyers or their lawyers. Many freeholders or Management Companies in Leicester levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Leicester. If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a duplicate share certificate can be a time consuming process and frustrates many a Leicester home move. Where a duplicate share is required, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.
I purchased a split level flat in Leicester, conveyancing formalities finalised January 2012. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Leicester with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2079
With just 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.