Should lawyers request money up-front for conveyancing in Markfield?
If you are buying a property in Markfield your lawyer will request that you place them with funds to cover the search fees. Generally this is called for to cover the fees of the conveyancing searches. If any deposit is as part of the sale price then this will be required shortly before contracts are exchanged. The closing balance that is needed should be transferred a couple of days ahead of the day of completion.
Is it correct that all Markfield CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
Some major banks and building societies now use CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
We had instructed solicitors locally in Markfield on the Coventry BS solicitor approved list. They are now charging me a further fee for the legal aspects of the Coventry BS mortgage. Is this a supplemental conveyancing fee specified by Coventry BS?
Provided it is contained in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by Coventry BS but by your Markfield property lawyer. Numerous firms on the Coventry BS panel will levy an ‘acting for lender’ fee but many practices include it on their overall fee.
After shopping around on the internet I have found a Markfield property lawyer having checked that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Markfield surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
We are close to exchanging contracts on the sale of our home in Markfield and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. Any high street Markfield lawyer would know that there is no such problem. For the life of me I don't know why the buyers used an online conveyancing practice rather than a conveyancing solicitor in Markfield. Having lived in Markfield for many years we know of no issue. Is it a good idea to get in touch with our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
How does conveyancing in Markfield differ for new build properties?
Most buyers of new build residence in Markfield contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Markfield typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Markfield or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Markfield ahead of instructing lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor has said that some banks may refuse to issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Markfield. Conveyancing may be slightly more expensive based on your lender's requirements.
Last July I purchased a leasehold house in Markfield. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a studio flat in Markfield, conveyancing was carried out April 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Markfield with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease expires on 21st October 2086
With 60 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.