Much to our surprise we have been informed by our broker that my Highcliffe solicitor is not on the bank Solicitor panel. How can I be sure whether this is correct?
You need to call your Highcliffe lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
My conveyancer has discovered a defect with the lease for the flat we are buying in Highcliffe. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with 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.
What is the difference between a licensed conveyancer and conveyancing solicitor in Highcliffe
There are many recorded licenced Conveyancers in Highcliffe and Solicitor practices in Highcliffe to choose from It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also deal with associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
When it comes to lenders such as RBS, do Highcliffe conveyancing practitioners incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
How can we know in advance if a Highcliffe conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Highcliffe obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer conducting your transaction.
I own a 4 bedroom Edwardian property in Highcliffe. Conveyancing lawyer acted for me and The Royal Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the matching property. Is it worth asking The Royal Bank of Scotland to clarify?
You need to assess 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 Highcliffe 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 mortgage companies. You can also check the situation with your conveyancing solicitor who carried out the work.
I was advised by numerous selling agents in Highcliffe to get a quote from a conveyancer on your site. What’s the financial inducement for Estate Agents to promote your site over and above another?
We refuse to give any commission for sending work to this site. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am tempted by the attractive purchase price for a two flats in Highcliffe both have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Highcliffe is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 premises 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 Highcliffe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 purchased a 1st floor flat in Highcliffe, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Comparable properties in Highcliffe with a long lease are worth £195,000. The ground rent is £45 yearly. The lease expires on 21st October 2088
With only 63 years left to run we estimate the price of your lease extension to be between £16,200 and £18,600 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.