My husband and I are hoping to acquire a flat in Castle Eden and are in fact using a Castle Eden conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Birmingham Midshires have this afternoon contacted us to inform me that they have now hit a problem as our Castle Eden solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Castle Eden solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
We are about to exchange on the purchase of a house in Castle Eden but as a result of wreckage from the recent storms I have was able negotiate recompense from the owner in the sum of £2k by way of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however Aldermore are not allowing this. Why were they notified?
Any conveyancer that is on a Aldermore approved list is duty bound to inform Aldermore of any changes to the purchase price. If you prohibit your property lawyer to report the reduction to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new conveyancer for your conveyancing in Castle Eden.
Finally the sale completed on my house in Castle Eden last June but my buyer keeps SMS messaging daily complaining that her solicitor needs to hear from mine. What should have happened now that I have sold?
After completion of your disposal your solicitor should deliver the transfer documentation and all additional paperwork to the buyer’s solicitors. Where relevant, your solicitor must also confirm that the mortgage has been repaid to the purchasers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Castle Eden.
Do commercial conveyancing searches reveal proposed roadworks that may affect a commercial estate in Castle Eden?
Its becoming the norm that commercial conveyancing solicitors in Castle Eden will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Castle Eden. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Castle Eden.
For each commercial conveyancing transaction in Castle Eden it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Castle Eden commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Castle Eden.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Castle Eden I like with a park and railway links nearby, however it only has 51 years on the lease. I can't really find anything else in Castle Eden for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan that many years may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I've recently bought a leasehold house in Castle Eden. 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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 bought a 1st floor flat in Castle Eden, conveyancing having been completed in 2009. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Castle Eden with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2092
With just 67 years left to run we estimate the premium for your lease extension to span between £10,500 and £12,000 plus professional fees.
The figure above 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. You should not use this information 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 take any other action placing reliance on this information before seeking the advice of a professional.