I plan on purchasing residence in Kempshott. My property lawyer is not listed on the bank solicitor panel. Am I still permitted to continue with my Kempshott conveyancing solicitor notwithstanding that they are excluded from the lender list of approved lawyers?
One must use a conveyancing practitioner to deal with the legal work required if you take out a loan to purchase your home. They will carry out all the essential investigations on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage documentation is in order. One may instruct a Kempshott property lawyer of your choosing. Nevertheless, if the lawyer selected is not on the bank approved list supplemental fees will arise as separate legal representation will be need by the mortgage company. Conveyancing panel applications may be submitted, so provided your conveyancer has not in the past sought membership they should do so.
Can you explain why leasehold purchase conveyancing in Kempshott costs more?
Kempshott leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
My grandmother passed away six months ago and as sole heir and executor I was left the property in Kempshott. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Where you intend to refinance then Bank of Ireland will insist on your using a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Kempshott I like with a park and railway links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Kempshott suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan that many years will be a potential deal breaker. 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 at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Given that I will soon spend £400,000 on a house in Kempshott I wish to have a conversation with the conveyancer about myhouse move prior to appointing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the solicitor who will be conducting your conveyancing in Kempshott.There is no ‘factory style conveyancing’ - each client is an important individual, not a case number. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Kempshott should be the figure that you are charged.
I am looking at a couple of flats in Kempshott which have in the region of forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Kempshott is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and banks, leases with under 75 years become less and less attractive. 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 property 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 a residence 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 Kempshott 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 inherited a 2 bed flat in Kempshott, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Kempshott with an extended lease are worth £195,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2089
With just 63 years remaining on your lease we estimate the premium for your lease extension to span between £16,200 and £18,600 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.