Can you explain why leasehold purchase conveyancing in Pangbourne is more expensive?
Pangbourne leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
We had selected conveyancers based in Pangbourne on the Nationwide solicitor approved list. They are now charging me a further amount for dealing with the Nationwide mortgage. Is this a supplemental conveyancing fee set by Nationwide?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor is entitled to charge a fee for this. This fee is not dictated by Nationwide but by your Pangbourne lawyer. Numerous firms on the Nationwide panel will levy ’dealing with mortgage’ fee but some firms incorporate it on their overall fee.
I have paid off my mortgage with Lloyds. I assume I don't need a Pangbourne conveyancing practitioner on the Lloyds panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Pangbourne bank branch on various occasions and was advised it wasn't an issue and they will lend. My Pangbourne conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. Who do I believe?
As long as the property lawyer is on the lender approved list, she or he must follow the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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.
How does conveyancing in Pangbourne differ for new build properties?
Most buyers of new build property in Pangbourne approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Pangbourne usually purchase the site, 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 conveyancers 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 Pangbourne or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Pangbourne is the location of the property. Is there any guidance you can give?
Flying freeholds in Pangbourne are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pangbourne you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pangbourne may ascertain 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.
I have been sourcing a conveyancing lawyer in Pangbourne for my house move. Is there any facility to check a firm’s record with the profession’s regulator?
One may search for presented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA may recorded call for training reasons.
Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Pangbourne. I now wish to get lease extension but my freeholder is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the landlord. In some cases an enquiry agent may be helpful to conduct investigations and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Pangbourne.
I am the registered owner of a ground floor flat in Pangbourne, conveyancing formalities finalised in 2011. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Pangbourne with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ceases on 21st October 2081
With just 56 years left to run we estimate the price of your lease extension to span between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.