Me and my partner are purchasing a 3 bedroom apartment in Horley with a mortgage. We wish to retain our Horley conveyancer, but the bank says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Horley lawyer and pay for one of their panel ones to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Horley conveyancing solicitor to apply to be on the conveyancing panel.
The vendors of the property we are purchasing hired a conveyancing solicitor in Horley who has recommended a lock out agreement with a down payment 10k. Are such agreements sensible?
There are a couple of main downsides with executing a lock out agreement (occasionally known as an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so in the absence of it needing limited or no negotiation then it may transpire to be a cause of frustration and delay. It is not promoted amongst Horley conveyancing solicitors as a result. A supplemental issue is the extent of the remedies available - an aggrieved buyer is extremely unlikely to be issued with an injunctive ruling by a court to prohibit the owner selling to a third party, so the only remedy available under the contract will be the reimbursement of abortive costs and, in limited circumstances, the additional payment of damages.
A friend recommended that if I am buying in Horley I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Horley conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Horley around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Horley Education with plans and statistics, Local Amenities and other useful information about Horley.
I am looking for a ground for flat up to £235,500 and found one near me in Horley I like with a park and railway links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Horley suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Is there anything unique about your site and alternative online quote calculators when it comes to conveyancing in Horley?
At this site get an accurate costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Horley. Unlike many estate agents and many comparison sites we do not operate commission deals with solicitors. Many agents and online brokers 'recommend' solicitors who pay the highest kickback, not the best value conveyancing in Horley
I own a leasehold house in Horley. Conveyancing and National Westminster Bank mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Horley who acted for me is not around. What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Horley conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a studio flat in Horley, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Horley with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease terminates on 21st October 2085
With just 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 plus legals.
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 a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.