I am hoping to receive a offer of a home loan from Nat West. I intend to instruct a Licensed Conveyancer in Dulverton. Does the Nat West Conveyancing panel exclude Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am purchasing a property for cash in Dulverton. I have resided for the previous twelve years in Dulverton. Conveyancing searches are a lot of money. As I know the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then all but one or two of the Dulverton conveyancing searches are at your discretion. Your lawyer will try and sway you, perhaps strongly, that you should have searches carried out, but she is duty bound to do this. One thing to consider; if you are intend to sell the house one day, it will likely be be of interest to your prospective purchaser what the searches reveal. On occasion premises with day to day issues can still throw up negative search results. A good conveyancing solicitor in Dulverton should be able to give you some helpful guidance in this regard.
Do the Building Society Association intend to launch a online directory to list practices on the Coventry BS conveyancing panel for example in Dulverton?
We would not expect to be advised of any plans on the part of the BSA to promote such a tool.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Dulverton I like with amenity areas and railway links in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Dulverton for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Last November I purchased a leasehold property in Dulverton. Am I liable to pay service charges for periods before my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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 purchased a garden flat in Dulverton, conveyancing having been completed August 2009. Can you work out an approximate cost of a lease extension? Corresponding flats in Dulverton with an extended lease are worth £190,000. The ground rent is £45 yearly. The lease terminates on 21st October 2087
You have 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Our conveyancer in Dulverton has identified a a legal deficiency with the lease for the apartment we are buying in Dulverton. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that as he is on the mortgage company conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.