I plan on acquiring a flat in Crick. My lawyer is not listed on the bank approved list. Can I still use my Crick conveyancing solicitor notwithstanding that they are not on the lender approved list?
Your options include
- Carry on with your existing Crick conveyancing practitioner but your lender will no doubt instruct a conveyancer from their conveyancing panel. The net result is additional cost together with likely interruption.
- Appoint a new conveyancer to act in the purchase, making sure they are on the lender conveyancing panel.
- Convince your lawyer to do everything possible to join the lender’s panel of solicitors
IfI was to acquire a straightforward propertyin Crick for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Crick?
Any savings you would achieve would be isolated to the Crick conveyancing searches. Your conveyancing practitioner still be obliged to do everything else - money laundering, communicating with your vendors property lawyer, SDLT submission, register the title etc. A marginal saving might be made by not having to register a charge however it won't be significant.
We are purchasing a property and require a conveyancing solicitor in Crick who is on the Yorkshire BS approved panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Yorkshire BS . We don't recommend any particular firms conducting conveyancing in Crick.
Just acquired a semi-detached house in Crick , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Crick conveyancing solicitor has been very slow, so I want to be certain that my purchase is registered.
As far as conveyancing in Crick registration is no faster or slower than the rest of the country. As opposed to being determined by geographic area, timescales can vary according to the party submitting the application, whether there are errors and whether the Land registry must send notices to any other persons or bodies. As of today in the region of 80% of such applications are completed in less than three weeks but occasionally there can be longer delays. Registration occurs after the buyer is living at the property so an expedited registration is not typically top priority yet where there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
I opted to have a survey done on a property in Crick before instructing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some lenders may not issue a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Crick. Conveyancing will be smoother if you use a solicitor in Crick especially if they are familiar with such properties in Crick.
I am attracted to a two maisonettes in Crick which have about 50 years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Crick is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Crick conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 invested in buying a split level flat in Crick, conveyancing was carried out in 2009. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Crick with a long lease are worth £179,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2083
With just 57 years left to run the likely cost is going to range between £26,600 and £30,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.