Just been in touch with my conveyancing solicitor in Tibshelf who conducted the legals two years ago requesting a conveyancing quote based on the same type of home move (a leasehold premises and a freehold premises) of almost identical values with a mortgage from Clydesdale. I am now being quoted twice the amount. Stick with what I know or do I seek out an alternative firm of conveyancing solicitor?
The quote is fractionally on the steep side. Where you are content to spend time contrasting charges you could shave off some of the expense by perhaps a hundred pounds. On the other hand, providing that you were content with the legal work the firm gave you mightlive to rue choosing an an unknown conveyancer. Remember to check the firm can represent Clydesdale. You can utilise our search tool to find a Tibshelf conveyancing firm on the Clydesdale member panel, which can often include conveyancing solicitors in Tibshelf.
My lawyer has uncovered a a problem with the lease for the property we are purchasing in Tibshelf. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the bank is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am the registered owner of a freehold property in Tibshelf yet charged rent, why is this and what is this?
It is rare for properties in Tibshelf and has limited impact for conveyancing in Tibshelf 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I have been told that property searches are the number one cause of delay in Tibshelf conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Tibshelf.
Should I choose a Tibshelf conveyancing solicitor in close proximity to the house I am hoping to buy? I have an old university friend who can perform the conveyancing but her office is approximately 350kilometers drive away.
The benefit of a high street Tibshelf conveyancing firm is that you can visit the firm to sign paperwork, present your identification documents and pester them if necessary. Having local Tibshelf know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were impressed that should surpass using an unfamiliar Tibshelf conveyancing lawyer just because they are local.
I am attracted to a two apartments in Tibshelf both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Tibshelf is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with less than 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 Tibshelf 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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 purchased a 1 bedroom flat in Tibshelf, conveyancing was carried out September 2008. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Tibshelf with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2077
With 53 years left to run we estimate the price of your lease extension to range between £27,600 and £31,800 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 are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.