A mortgage agreement from Nationwide for the refinancing of my 4 room maisonette is due imminently. Could you suggest a low cost conveyancing law firm in Botany Bay?
You have arrived at the wrong site to search for the lowest fares for conveyancing solicitors in Botany Bay. We can offer you cost effective conveyancing but our intention is not to advertise as being the cheapest. Resist the temptation to appoint companies offering £99 conveyancing in Botany Bay. At best, in going for cheap conveyancing, you will get your money’s worth and at worst you will end up paying a lot in extras and still not receive the service required.
I am selling my flat in Botany Bay. Will my solicitor need to be required to be on the RBS conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
Is it correct that all Botany Bay CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing panel?
A selection of lenders now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
When it comes to mortgage companies such as Aldermore, do Botany Bay lawyers face a fee to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Can you point me to a directory of Barclays panel solicitors in Botany Bay on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings visible on the web. Where you are seeking to appoint a Botany Bay solicitor on the Barclays please use our tool.
Me and my brother have a terraced Georgian house in Botany Bay. Conveyancing solicitor acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Botany Bay and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with your conveyancing solicitor who carried out the work.
I decided to have a survey completed on a house in Botany Bay ahead of retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some lenders will refuse to give a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Botany Bay. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a couple of apartments in Botany Bay which have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Botany Bay is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Botany Bay 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 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 am the proprietor of a basement flat in Botany Bay. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Freehold Enfranchisement case for a Botany Bay premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The unexpired term was 70.31 years.