Me and my partner are soon to complete on the purchase of a house in Speke but as a result of wreckage from a small fire at the property I have was able negotiate compensation from the current proprietors in the sum of £2k by way of a adjustment in the price. This was going to be addressed as part of amending the contract however Nationwide are not allowing this. Why were they notified?
Your conveyancing practitioner that is on a Nationwide approved list is obliged to advise Nationwide of any variations to the purchase price. If you prohibit your solicitor to disclose the price change to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancing practitioner for your conveyancing in Speke.
I own a freehold property in Speke but nevertheless charged rent, why is this and what is this?
It is rare for properties in Speke and has limited impact for conveyancing in Speke 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
2 months have gone by since my purchase conveyancing in Speke concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Do I need to be concerned by brokers that I am dealing with are suggesting a factory type conveyancing firm rather than a High Street Speke conveyancing firm?
As is the case with lots of professional services, often recommendations from relatives can be most helpful. Nevertheless there are many parties with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders may put forward solicitors to select. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the recommendation. You have the discretion to appoint your preferred conveyancer. However, bear in mind that some mortgage providers have an approved list of law firms you are obliged to use for the lender related work in your conveyancing.
My step-father has urged me to instruct his conveyancing solicitors in Speke. Should I use them?
No doubt it’s preferable to select a conveyancing solicitor is to get guidance from friends or family who have actually previously instructed the solicitor that you are considering.
What makes a Speke lease defective?
There is nothing unique about leasehold conveyancing in Speke. All leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building Repairing obligations to or maintain parts of the premises
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I am the registered owner of a 2 bed flat in Speke, conveyancing formalities finalised in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Speke with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease finishes on 21st October 2086
You have 61 years remaining on your lease the likely cost is going to span between £19,000 and £22,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.