Me and my fiance are buying a leasehold flat in Leconfield. My property lawyer is not listed on the lender conveyancing panel. Can I still retain my Leconfield conveyancing solicitor notwithstanding that they are not on the mortgage company panel?
You have numerous alternatives open to you here
- Complete the purchase with your existing Leconfield lawyer but your lender will undoubtedly retain a solicitor on their approved list. The net result is additional cost together with potential delay.
- Appoint a new solicitor to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Appeal to your conveyancing practitioner to attempt to join the lender panel
Due to complete my purchase in Leconfield next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Leconfield.
How up to date is your search tool for Leconfield conveyancing solicitors on the RBS conveyancing panel? Do RBS send you an updated list?
Leconfield conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
It has been 3 months since my purchase conveyancing in Leconfield concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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 premises 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.
About to purchase a new build apartment in Leconfield. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Leconfield
-
Please supply a car parking plan. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared.
I am a negotiator for a busy estate agent office in Leconfield where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Leconfield conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a studio flat in Leconfield, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Leconfield with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2094
With only 69 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.