I do hope you can assist me. My Buntingford lawyer is advising me that he is legally obliged toconduct Buntingford conveyancing searches becausethe firm are on the Santandersolicitor panel. Do I not have any options here?
You have limited options available to you. Given that you are taking out a loan with a lender your conveyancer 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 CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Buntingford conveyancing searches.
I purchased a freehold residence in Buntingford yet pay rent, why is this and what is this?
It’s unusual for properties in Buntingford and has limited impact for conveyancing in Buntingford 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.
Old 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.
We wanted to use a conveyancing solicitor in Buntingford for our house move. Our financial adviser has since notified us that our mortgage lenders Nottingham Building Society won't deal with them. Surely this is unduly restrictive?
Lenders in the main restrict either the category or the volume of conveyancing firms on their approved list of lawyers. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, some have decided to limit the amount of firms they allow to represent them. You should note that Nottingham Building Society have no responsibility for the quality of advice provided by any member of Nottingham Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels since 2008 even though there are mixed views about the extent of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that plenty of law firms, including some in or near Buntingford only carry out a couple conveyances per annum.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one close by in Buntingford I like with amenity areas and station in the vicinity, however it only has 49 years on the lease. There is not much else in Buntingford for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Can you offer any advice when it comes to appointing a Buntingford conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Buntingford conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Buntingford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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How familiar is the firm with lease extension legislation?
I own a ground floor flat in Buntingford, conveyancing formalities finalised half a dozen 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 flats in Buntingford 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 comes to an end on 21st October 2096
With 71 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Why is New Build conveyancing in Buntingford more expensive?
Purchasing a new build premises is completely distinct from the normal house buying conveyancing in Buntingford. Firstly developers ordinarily demand contracts to exchange very quickly, the result being a lot of pressure on your property lawyer to make sure all is in order. Furthermore new build conveyancing frequently involve examination of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank requirements are also more detailed. Due to the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.