It has come to my attention via my broker that my St Annes property lawyer is not on the lender Conveyancing panel. How can I be sure if this is correct?
The best course of action for you to take is to contact your St Annes conveyancer. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they may be able to suggest a St Annes conveyancing practice that is on the conveyancing panel for your lender.
My god-son is in the process of securing a new build apartment in St Annes with a home loan from Lloyds. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Lloyds conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Lloyds conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What can a local search inform me about the property my wife and I buying in St Annes?
St Annes conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search plays an important role in many a St Annes conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, chain free conveyancing. St Annes is the location of the property. Can you shed any light on this issue?
Flying freeholds in St Annes are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St Annes you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Annes may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Am I right to be suspicious by brokers that I am dealing with are suggesting a national conveyancing firm rather than a local St Annes conveyancing company?
As is the case with many service providers, often input from connections can be worth their weight in gold. Yet there are lots of people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all suggest lawyers to instruct. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You have the right to appoint your own conveyancer. Don't forget that many lenders specify a panel list of conveyancers you are obliged to use for the lender aspect of your house move.
Last October I purchased a leasehold flat in St Annes. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 inherited a basement flat in St Annes, conveyancing formalities finalised July 2001. Can you work out an approximate cost of a lease extension? Comparable properties in St Annes with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2096
With only 71 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.