Is there a reason why leasehold purchase conveyancing in Lake District costs more?
In summary, leasehold conveyancing in Lake District and Cumbria usually involve extra hours of investigation compared to freehold transactions. This includes reviewing the lease, communicating with the landlord concerning serving appropriate notices, obtaining up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I have been recommended a conveyancing solicitor in Lake District. I need to find out whether they are accepted on the Bank of Scotland conveyancing panel. Can you advise?
The first thing to do is call the lawyer and enquire whether they can act for the bank. Otherwise you can call Bank of Scotland who may be able to confirm.
My wife and I are buying a apartment in Lake District. I might seem paranoid but how we can trust a lawyer? On the day of competition we have to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
is it true that all Lake District solicitor practices on the Skipton conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Skipton conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel and in such a situation the practice would be governed by the CLC.
We had instructed solicitors locally in Lake District on the HSBC solicitor panel. They are now charging me a separate sum for dealing with the HSBC mortgage. Is this an additional conveyancing fee specified by HSBC?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancer can levy a fee for this. This charge is not set by HSBC but by your Lake District property lawyer. Numerous firms on the HSBC panel will levy an ‘acting for lender’ fee and others do not.
I opted to have a survey done on a house in Lake District in advance of instructing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders may not grant a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lake District. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lake District to see if the conveyancing costs will increase in light of this.
I've recently bought a leasehold property in Lake District. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a studio flat in Lake District, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Lake District with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2080
With only 55 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Should I be concerned if there is a problem with one of the searches for my conveyancing in Lake District?
Normally, most problems exposed in Lake District conveyancing search results can be dealt with in advance of completion or indemnity insurance may be put in place. You should remember that regardless of the fact that you are buying the premises and might be willing to accept the search results, your lender may not, and ultimately have the final decision.