We are buying our first home. Our lawyer has e-mailedto ask if we would like to purchase supplemental conveyancing searches. Unfortunately we are clueless as to what's relevant for conveyancing in Waterlooville
The scope of Waterlooville conveyancing searches should be triggered based entirely on the property, the location, the probability of any of these risks, your familiarity of the region and risks, your overall attitude to risk. What is important is that you properly appreciate what information the searches could supply. Then you can decide if you personally think you need that information. Where you are uncertain, ask the conveyancing practitioner to advise.
I am the registered owner of a freehold residence in Waterlooville yet charged rent, why is this and what is this?
It is rare for properties in Waterlooville and has limited impact for conveyancing in Waterlooville 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
When it comes to lenders such as Lloyds, do Waterlooville conveyancers incur a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I am buying a property in Waterlooville. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Nottingham be concerned?
Given that you are obtaining a mortgage with Nottingham your lawyer must check the formal instructions contained in Section two of UK Finance Lenders’ Handbook for Nottingham. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Nottingham where a lease fails to meet these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Waterlooville.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Waterlooville bank branch on various occasions and was told it wasn't a problem and they will lend. My Waterlooville conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the lawyer is on the bank panel, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I used Action Conveyancing a few years ago for my conveyancing in Waterlooville. Now, I need the documents but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Waterlooville of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I’m about to sell my 2 bed flat in Waterlooville. Conveyancing lawyers have not yet been instructed, but I have just had a yearly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal as all ground rent and maintenance invoices will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a garden flat in Waterlooville, conveyancing formalities finalised 7 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Waterlooville with a long lease are worth £186,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2074
With 53 years unexpired the likely cost is going to range between £27,600 and £31,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
I am purchasing a garden apartment in Waterlooville. Conveyancing lawyer is waiting for, from the owner, building insurance paperwork. Earlier today I was advised that the seller needs to forward the insurance schedule for the flat above in addition. Why does my solicitor need to see the insurance for the other flat? Is it really required? We have been in hold for the last month…
It is not unheard of in leasehold conveyancing in Waterlooville to discover Conveyancing in Waterlooville in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats as opposed to the landlord insuring the complete block - which is clearly preferable. You should contact your conveyancing practitioner but it would seem that your conveyancer is looking to verify that the entire building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reconstructed as a result of lack of insurance.