My friend's dad is a property lawyer. I expect that I'll be able to get preferential pricing for conveyancing, but if not, what level of fees should I be paying for conveyancing in Lichfield?
You should compare pricing. Do use our search tool on this site. Whilst prices do contrast greatly but service levels do are distinct between law firms as is the case with most professions.
Do banks and building societies provide you with an approved list of Lichfield conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
Lichfield conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
Are the BSA intent on creating a search tool with a view to list solicitors on the Earl Shilton BS conveyancing panel for example in Lichfield?
We would not expect to be advised of any plans on the part of the BSA to develop such a register.
I have been told that property searches are the number one cause of hinderance in Lichfield house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Lichfield.
I moved into my apartment on 7 September and my personal details are still not registered. Need I be worried? My conveyancing solicitor in Lichfield advises it should be dealt with inside ten days. Are titles in Lichfield particularly slow to register?
There is nothing unique when it comes to conveyancing in Lichfield registration formalities. Rather than based on location, timeframes can differ depending on the party submitting the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. Currently in the region of three quarters of submission are completed in less than three weeks but some can be subject to extensive hold-ups. Historically registration is effected after the purchaser has moved in to the property so post completion formalities is not always an essential issue but if it is urgent that the the registration takes place urgently then you or your lawyers can contact the land registry and explain the circumstances.
I am tempted by the attractive purchase price for a couple of flats in Lichfield which have about fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Lichfield is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and banks, leases with less than 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 premises 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 property 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 Lichfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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 acquired a ground floor flat in Lichfield, conveyancing formalities finalised in 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Lichfield with over 90 years remaining are worth £255,000. The ground rent is £45 yearly. The lease ceases on 21st October 2098
With only 73 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs 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 other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.