Is there a reason why leasehold purchase conveyancing in Shenley Church End costs more?
Shenley Church End 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're in Shenley Church End, FTBs buying with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I note that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when purchasing a property in Shenley Church End? or Apparently there is a law dating back centuries that means some house owners residing in a parish church boundary will be compelled to pay for maintenance towards the chancel in proximity to the church. Is this applicable for conveyancing in Shenley Church End?
Unless a prior purchase of the house completed post 12 October 2013 you can assume that conveyancing practitioners carrying out conveyancing in Shenley Church End to remain recommending a chancel search and or chancel repair liability policy.
Over the last few months I have been searching for a flat up to £305k and found one close by in Shenley Church End I like with amenity areas and station nearby, however it's only got 51 remaining years left on the lease. There is not much else in Shenley Church End in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I have just started marketing my ground floor flat in Shenley Church End. Conveyancing has not commenced, but I have just received a half-yearly maintenance charge invoice – Do I pay up?
It best that you pay the invoice as you normally would because all ground rent and service invoices should be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment 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.
Shenley Church End Leasehold Conveyancing - Examples of Queries before Purchasing
-
Are any of leasehold owners in dispute over their service charge payments? Best to be warned if changing the roof or some other major work is due shortly that will be shared amongst the tenants and may well dramatically impact the level of the maintenance fees or result in a one time payment.
My husband and I are buying a first floor flat in Shenley Church End. At the point of instructing our property lawyer, we were told they were on all mainstream lender panels. The mortgage broker contacted us today to advise that they don't appear to be on the Yorkshire BS approved list. Should that be true, what should we do? Should we simply find a different lawyer that is on their panel or do we cover the costs for dual representation, with Yorkshire BS appointing their own preferred lawyer.
When buying a property with mortgage finance it is standard for the purchaser’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a solicitor has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancer has to satisfy. Some banks now insist their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should call Yorkshire BS to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Yorkshire BS's conveyancing panel as you are at liberty to use your preferred Shenley Church End lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.