My partner and I are intent on purchasing a flat in Rainford. My property lawyer is not on the bank approved panel. Am I still permitted to use my Rainford conveyancing solicitor even though they are not on the mortgage company approved list?
Various options include
- Carry on with your preferred Rainford conveyancer but your bank will undoubtedly appoint a conveyancing practitioner from their approved panel. This will result in additional cost and potential delay.
- Choose a new solicitor to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Convince your conveyancing practitioner to do everything within their powers to get accepted on the bank’s panel of solicitors
It is a dozen years since I acquired my property in Rainford. Conveyancing solicitors have just been appointed on the sale but I can't locate the title deeds. Is this a problem?
You need not be too concerned. First there is a chance that the deeds will be kept by the mortgage company or they may stored with the conveyancers who oversaw the purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring current official copies of the land registers. Almost all conveyancing in Rainford involves registered property but in the unlikely event that your property is unregistered it is more tricky but is resolvable.
Do I have to pop into the offices of the solicitor to execute the mortgage deed? If so, I will choose one who does conveyancing in Rainford so that I can attend their offices if necessary.
Whereas this was necessary 12 years ago, almost all lenders no longer need their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to provide identification documents and there are still distinct benefits to using a locally based solicitor, in your case a conveyancing solicitor in Rainford.
Have completed on a a terraced house in Rainford , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Rainford conveyancing solicitor works at snail pace, so I want to be certain the land registry aspects are concluded.
As far as conveyancing in Rainford registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust subject to who lodges the application, whether it is in order and if the Land registry must send notices to any 3rd parties. At present roughly 80% of such applications are completed within two weeks but occasionally there can be longer delays. Historically registration is effected once the buyer has moved in to the property therefore an expedited registration is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor can communicate with the Registry to express the reasoning for an expedited registration.
Due to the guidance of my in-laws I had a survey completed on a property in Rainford prior to retaining conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some lenders will refuse to give a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rainford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a reputable estate agent office in Rainford where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Rainford conveyancing solicitors. Can you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a 1st floor flat in Rainford, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Rainford with an extended lease are worth £179,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2082
With 57 years left to run we estimate the premium for your lease extension to range between £26,600 and £30,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.