I am purchasing a property mortgage free in Patcham. I have resided for the last 15 years in Patcham. Conveyancing searches are exorbitant. Given that I know the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then the vast majority of the Patcham conveyancing searches are optional. Your lawyer will try and sway you, no-doubt strongly, that you should have searches done, but he is duty bound to do this. One thing to consider; if you are intend to dispose of the house one day, it could be of relevance to your prospective buyer what the searches disclose. On occasion properties with no practical issues can still throw up adverse search results. A competent conveyancing solicitor in Patcham should be able to give you some helpful guidance in this regard.
I purchased a freehold house in Patcham yet invoiced for rent, why is this and what is this?
It is rare for properties in Patcham and has limited impact for conveyancing in Patcham 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
Can I be sure that the Patcham conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Patcham seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your conveyancing.
Two weeks ago we had a mortgage agreed in principle with Aldermore. Patcham conveyancing solicitors have been chosen. How long does it take for Aldermore to send the offer to the lawyer?
Some lenders take longer than others. Have Aldermore done the valuation? Have you informed Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am purchasing a property in Patcham. One unusual aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Lloyds your lawyer must comply with the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook contains minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Lloyds where a lease fails to comply with these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Patcham.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Patcham I like with a park and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Patcham suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Am I right to be suspicious about estate agents that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Patcham conveyancing firm?
As is the case with many professional services, often suggestions from connections can be most helpful. Nevertheless there are numerous parties with a vested interest in a conveyancing transaction; estate agents, financial adviser and banks might all put forward solicitors to use. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but occasionally there may be a financial incentive behind the recommendation. You have the discretion to select your preferred conveyancer. You need to be aware that most banks specify a panel list of law firms you are obliged to use for the mortgage aspect of your transaction.
All being well we will complete the sale of our £425,000 apartment in Patcham in just under a week. The freeholder has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Patcham?
Patcham conveyancing on leasehold apartments usually necessitates the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They are at liberty to levy a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to sell the property.
I purchased a 1st floor flat in Patcham, conveyancing was carried out August 1998. Can you work out an approximate cost of a lease extension? Corresponding properties in Patcham with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2083
With 59 years unexpired we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.