I can't travel far from Penzance. Please explain the reason why all Penzance solicitors are not on all mortgage company panels?
Even though it may seem unfair for lenders to restrict who can represent them, from the public’s or conveyancer’s viewpoint, the the contrary view is that mortgage companies are becoming ever more anxious and consider it vital to shield themselves from mortgage fraud. As a consequence of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
I am the registered owner of a freehold property in Penzance yet charged rent, why is this and what is this?
It is rare for properties in Penzance and has limited impact for conveyancing in Penzance 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh 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 post 2037 will be dispensed with completely.
Me and my partner are buying a house in Penzance. I might seem paranoid but how we can trust a solicitor? On completion day we will need to send our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My husband and I have arranged a further advance on our mortgage from Nottingham as we wish to carry out renovations to our property in Penzance. Are we obliged to appoint a local Penzance solicitor on the Nottingham conveyancing panel to handle the paperwork?
Nottingham don't usually appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham list.
I had a mortgage agreed in principle with Lloyds. Penzance conveyancing solicitors have been instructed. How long does it take for Lloyds to forward the offer to the conveyancer?
Some lenders take longer than others. Have Lloyds done the valuation? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Are there restrictive covenants that are commonly picked up during conveyancing in Penzance?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Penzance. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Penzance. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Penzance
The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am in need of some leasehold conveyancing in Penzance. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Penzance - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a garden flat in Penzance, conveyancing having been completed January 2007. 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 flats in Penzance with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2086
With only 64 years unexpired the likely cost is going to span between £15,200 and £17,600 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.