Am I correct in assuming that the fact that my solicitor in Morecambe is not on my mortgage company's conveyancing panel that there is a problem with the quality of his work?
That would more than likely be an incorrect assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Morecambe conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
I own a freehold house in Morecambe yet pay rent, why is this and what is this?
It is rare for properties in Morecambe and has limited impact for conveyancing in Morecambe 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 new rentcharges from 1977 onwards.
Previous 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 dispensed with completely.
I am buying a new build flat in Morecambe. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Morecambe
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Morecambe I like with amenity areas and railway links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Morecambe in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Given that I am about to part with 450k on a garden flat in Morecambe I would like to talk to a lawyer about myconveyancing in advance of giving the go ahead to the firm. Is this something that you can arrange?
We could not agree more - we would be happy to talk to you we do not take any clients on without you liaising with the lawyer due to be conducting your property ownership legalities in Morecambe.There is no ‘factory style conveyancing’ - every client is unique person, not a matter reference. The solicitors that we put you in touch with believe that the fees you are provided with for residential conveyancing in Morecambe should be the amount on the final invoice that you end up paying.
Estate agents have just been given the go-ahead to market my basement apartment in Morecambe. Conveyancing lawyers have not yet been instructed, but I have recently received a quarterly maintenance charge demand – Do I pay up?
It best that you discharge the invoice as you normally would because all rents and maintenance payments will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a garden flat in Morecambe, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Morecambe with an extended lease are worth £176,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2100
You have 80 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously 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.