Is the fact that my solicitor in Chobham is not listed on my lender's conveyancing panel that there is a problem with the standard of her conveyancing?
That would more than likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Chobham conveyancing practice and enquire why they are no longer on the approved list for your bank.
I require conveyancing for a flat in a relatively new development (seven years old) in Chobham. Almost all the appartments are already sold. Do I need carry out the conveyancing searches for my conveyancing in Chobham?
You are opening yourself up to an unnecessary risk in not carrying out Chobham conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would absolutely advise in no uncertain terms that your lawyer conducts them. If accelerating the process and driving down costs are top of your issues you should consider with your conveyancer about the options such as lack of search insurance available to you
Me and my brother own a renovated Victorian property in Chobham. Conveyancing lawyer acted for me and Accord Mortgages Ltd. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to read 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 Chobham and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing lawyer who carried out the work.
I have been on the look out for a flat up to £305k and found one close by in Chobham I like with amenity areas and railway links nearby, the downside is that it's only got 61 years on the lease. There is not much else in Chobham in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I am looking into buying my first house which is in Chobham and I am already nervous. I couldn't find anything specific about Chobham. Conveyancing will be needed in due course but do you know about the Chobham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chobham. In the meantime here are some basic statistics that we found
I am a negotiator for a long established estate agent office in Chobham where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Chobham conveyancing firms. Could you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a leasehold flat in Chobham, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Chobham with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2089
With only 63 years remaining on your lease we estimate the price of your lease extension to span between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.