Please help. My Bracebridge Heath solicitor is advising me that he is legally obliged toconduct Bracebridge Heath conveyancing searches stemming from the fact thatthe firm are on the HSBCconveyancing panel. Is my solicitor correct?
You have limited options available to you. As you are obtaining a mortgage with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Bracebridge Heath conveyancing searches.
I am the registered owner of a freehold premises in Bracebridge Heath but nevertheless charged rent, why is this and what is this?
It is rare for properties in Bracebridge Heath and has limited impact for conveyancing in Bracebridge Heath 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Bracebridge Heath I like with open areas and transport links in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Bracebridge Heath suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
My uncle has urged me to appoint his lawyers for conveyancing in Bracebridge Heath. Do I take his guidance?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to have guidance from friends or relatives who have actually used the conveyancer that you are are thinking of instructing.
Estate agents have just been given the go-ahead to market my ground floor apartment in Bracebridge Heath. Conveyancing solicitors are to be appointed soon, but I have just received a yearly service charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as normal given that all rents and service payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a 1 bedroom flat in Bracebridge Heath, conveyancing formalities finalised 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Bracebridge Heath with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2096
With just 71 years unexpired the likely cost is going to be between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
My friend mentioned that before selecting a conveyancing lawyer they must be approved by your mortgage company. I am novice purchaser but I have an offer in principle from Virgin Money and I already have a high street conveyancing lawyer in Bracebridge Heath at the ready. Will Santander require an approved lawyer to be instructed? If so, where do I find that list for my conveyancing in Bracebridge Heath?
You need to use a solicitor that is on the Santander panel. Just telephone your preferred Bracebridge Heath conveyancing solicitor to check if they are on the Santander panel. If they are not on the panel you have numerous alternatives available to you here:
- Carry on with your preferred Bracebridge Heath conveyancer but Santander will undoubtedly appoint a property lawyer from their approved panel. The net result is additional charges together with potential delay.
- Choose a fresh property lawyer to act in the purchase, ensuring that they are on the Santander conveyancing panel.
- Convince your conveyancer to do everything possible to get accepted on the Santander panel of solicitors.