I am hoping to receive a mortgage with Nat West. My intention is to retain the legal services of a Licensed Conveyancer in Eccleston. Does the Nat West Conveyancing panel allow for Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
We're in Eccleston, First timers buying with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I purchased a 4 bedroom Georgian property in Eccleston. Conveyancing lawyer acted for me and Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold under the exact same property. 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 for 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 Eccleston and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing lawyer who conducted the purchase.
I have been on the look out for a ground for flat up to £245,000 and identified one near me in Eccleston I like with amenity areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Eccleston for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current 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 current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I am employed by a reputable estate agent office in Eccleston where we have experienced a few flat sales derailed as a result of short leases. I have received inconsistent advice from local Eccleston conveyancing solicitors. Can you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has been the owner 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. This means 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 purchaser.
I invested in buying a garden flat in Eccleston, conveyancing formalities finalised July 2007. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Eccleston with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2092
With 66 years left to run the likely cost is going to be between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
I have just appointed agents to market my basement apartment in Eccleston.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?
It best that you discharge the invoice as usual as all rents and service payments should be allottedas part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially