We selected a high street firm for my conveyancing in Leicestershire recently. Reviewing the Terms it is apparent thatwe are responsible for charges even if our purchase doesn't happen. Should I go with them or instruct an on-line lawyer promoting no move no charge conveyancing in Leicestershire?
It is usually a trade off in that if "No Sale No Fee" is offered then the conveyancing charges will tend to be be higher to neutralise those conveyances that do not go ahead. You should be mindful that such offerings generally do not cover disbursements for instance Leicestershire conveyancing search fees.
Our conveyancer has discovered a defect with the lease for the property we are buying in Leicestershire. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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.
My colleague suggested that if I am buying in Leicestershire I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Leicestershire conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Leicestershire around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Leicestershire Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data concerning Leicestershire.
4 months have elapsed following my purchase conveyancing in Leicestershire concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. 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 asset 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.
I am looking for a flat up to £305k and identified one round the corner in Leicestershire I like with a park and transport links nearby, the downside is that it's only got 61 years on the lease. There is not much else in Leicestershire suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the shortness of the lease may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Having had my offer accepted I require leasehold conveyancing in Leicestershire. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
If the lease is registered - and almost all are in Leicestershire - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a 1st floor flat in Leicestershire, conveyancing having been completed in 2007. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Leicestershire with over 90 years remaining are worth £255,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2098
With just 73 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.