We're in Lightwater, FTBs buying with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been told that property searches are the number one reason for hinderance in Lightwater house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Lightwater.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a quick, chain free conveyancing. Lightwater is the location of the property. What do you suggest?
Flying freeholds in Lightwater are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lightwater you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lightwater may determine 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 property.
Should I instruct a Lightwater conveyancing lawyer based in the area that I am buying? An old friend can perform the conveyancing but his firm is located 200miles away.
The primary upside of using a high street Lightwater conveyancing firm is that you can drop in to execute documents, deliver your ID and apply pressure on them if necessary. They will also have local knowledge which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were happy that should trump using an unfamiliar Lightwater conveyancing lawyer just because they are local.
All being well we will complete the disposal of our £450,000 garden flat in Lightwater on Monday in a week. The management company has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Lightwater?
For most leasehold sales in Lightwater conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing conveyancing due diligence enquiries
Where consent is required before sale in Lightwater
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I acquired a garden flat in Lightwater, conveyancing formalities finalised 6 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 properties in Lightwater with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2079
With only 54 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
I am an executor of my recently deceased mother’s Will, with a house in Lightwater which will be sold. The property has never been registered at HMLR and I'm told that some EAs will insist that it is done before they'll proceed. What's the mechanism for this?
In the circumstances you refer to it seems sensible to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.