I am expecting a offer of a home loan from Nat West. My intention is to enlist the help of a Licensed Conveyancer in Shropshire. Does the Nat West Solicitor panel exclude Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My partner and I are only a couple days away from an exchange on a property in Shropshire and my parents have sent the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my property lawyer needs to disclose this to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The lawyer is duty bound to clarify with lender to make sure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I own a freehold house in Shropshire but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Shropshire and has limited impact for conveyancing in Shropshire 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 generation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I am buying a new build flat in Shropshire. 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 selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Shropshire
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants.
Should I be wary by 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a High Street Shropshire conveyancing practice?
As with lots of professional services, often recommendations from relatives can be most helpful. Nevertheless there are lots of parties with a keen interest in a conveyancing deal; estate agents, financial adviser and lenders might all put forward solicitors to instruct. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the recommendation. You are free to select your preferred lawyer. However, bear in mind that some banks operate an approved list of conveyancers you must use for the mortgage related work in your house move.
I've recently bought a leasehold house in Shropshire. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 1st floor flat in Shropshire, conveyancing was carried out December 2009. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Shropshire with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2084
With just 59 years unexpired we estimate the price of your lease extension to span between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.