I am expecting a mortgage offer from Lloyds. I would like to instruct a Licensed Conveyancer in Wickersley. Does the Lloyds Conveyancing panel allow for conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
I own a freehold property in Wickersley but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Wickersley and has limited impact for conveyancing in Wickersley 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 hundreds of years, but the Rent Charge Act 1977 barred the creation 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 post 2037 is to be dispensed with completely.
Having spent time reading mumsnet.com for an online lawyer in Wickersley, many say that I should use a CQS kitemarked solicitor. Can you explain what CQS is?
Wickersley Conveyancing Quality Scheme solicitors have achieved accreditation by the law Society CQS was established to promote high standards in the home buying process. CQS helps house movers to recognise practices that provide a quality residential conveyancing. Wickersley is one of locations in England and Wales in which CQS are located. The conveyancing scheme requires practices to undergo a strict assessment, compulsory training, self-certification, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
What is the difference between a licensed conveyancer and conveyancing solicitor in Wickersley
There are many registered licenced Conveyancers in Wickersley and Solicitor practices in Wickersley offering conveyancing We would stress that both are regulated professionals specialising in the legal work in the home buying process. Both can deal with other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We previously chose conveyancers located in Wickersley on the Principality solicitor panel. They are now charging me an additional charge for handling the Principality mortgage. Is this an additional conveyancing fee specified by Principality?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your conveyancer is entitled to levy a fee for this. This charge is not set by Principality but by your Wickersley solicitor. Numerous firms on the Principality panel will charge an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
My partner and I have organised a further advance on our mortgage from TSB as we wish to carry out improvements to our property in Wickersley. Do we need to appoint a nearby Wickersley solicitor on the TSB conveyancing panel to deal with the legals?
TSB would not normally require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB panel.
I was recommended by numerous estate agents in Wickersley to locate a solicitor using your seach tool. Is there a financial incentive for Estate Agents to offer your lawyers ahead of a competitor’s?
We don’t give any referral fee for pointing buyers and sellers our way. We found it would be just too difficult a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Last December I purchased a leasehold house in Wickersley. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee 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 studio flat in Wickersley, conveyancing was carried out in 2009. Can you work out an approximate cost of a lease extension? Corresponding flats in Wickersley with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2089
You have 65 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do 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. Neither should you take any other action placing reliance on this information before getting professional advice.