Is it the case that all Emsworth CQS (Conveyancing Quality Scheme) solicitors are on the RBS conveyancing list of approved solicitors?
It is true that some lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
I have paid off my mortgage with Co-operative. I assume I don't need a Emsworth lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
It is not clear whether my lender requires a lease extension. I have called into my local Emsworth building society branch on numerous occasions and was told they are content with the situation and they would lend. My Emsworth conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend based on their specific requirements. Who do I believe?
Your solicitor must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Do I need to take out insurance to address the risk of chancel repairs when acquiring a property in Emsworth?
Unless a prior purchase of the property took place post 12 October 2013 you can expect solicitors handling conveyancing in Emsworth to remain recommending a chancel search and or chancel repair liability policy.
It has been four months following my purchase conveyancing in Emsworth took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in Emsworth I like with amenity areas and railway links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Emsworth for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I have been pointed in your direction by a number of selling agents in Emsworth to locate a solicitor on your site. Is there a financial upside for Estate Agents to offer your services ahead of alternative conveyancing organisations?
We refuse to give any commission for sending work to this site. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am looking at a couple of apartments in Emsworth which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Emsworth. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease deteriorates and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Emsworth - A selection of Queries before buying
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Who are the managing agents? Make sure you enquire if there are any onerous prohibitions in the lease. For example some leases prohibit pets being permitted in in a block in Emsworth. If you like the flatin Emsworth however your cat is not allowed to move with you then you have a very difficult decision. Are any of leasehold owners in arrears of their service charge liability?