Me and my fiance are buying a maisonette in Thatcham. My Solicitor is not on the mortgage company solicitor list. Am I still permitted to use my Thatcham conveyancing solicitor notwithstanding that they are not on the bank panel of approved conveyancing solicitors?
One will need to have a solicitor to complete the formalities when you take out a loan to buy your property. The solicitor will conduct all the appropriate due diligence on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage paperwork is dealt with. One may appoint a Thatcham conveyancer of your choice. However, if the property lawyer selected is not on the mortgage company approved list further costs will be incurred as separate legal representation will be required by them. Conveyancing panel applications may be submitted, so provided your conveyancer has not historically sought membership they can do so.
Can the conveyancing lawyers identified via your search tool execute attended exchange conveyancing in Thatcham?
There are a few conveyancing specialists who can conduct 24hr exchanges. You should call us to obtain a conveyancing quote and details as to availability.
Will lawyers request money on account for conveyancing in Thatcham?
If you are buying a property in Thatcham your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the sale price then this will be needed immediately prior to contracts are exchanged. The closing balance that is needed should be sent to your lawyer a couple of days prior to the completion date.
What is the difference between a licensed conveyancer and conveyancing solicitor in Thatcham
There are many registered licenced Conveyancers in Thatcham and Solicitor partnerships in Thatcham who provide Conveyancing services We would stress that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. Both can handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
Is it the case that all Thatcham CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing list of approved firms?
A selection of lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
Is it the case that all Thatcham solicitors on the Bank of Ireland conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be governed by the SRA. The majority of lenders do permit licenced conveyancers on their panel and in such a situation the practice would be overseen by the Council of Licensed Conveyancers.
I am tempted by the attractive purchase price for a two maisonettes in Thatcham which have approximately 50 years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Thatcham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Thatcham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a ground floor flat in Thatcham, conveyancing formalities finalised in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Thatcham with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease expires on 21st October 2097
With just 75 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Why do Thatcham conveyancing fees are more expensive for leasehold and freehold properties?
When purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control