I am acquiring a maisonette in Liphook. My Solicitor has never been on on the lender conveyancing list. Am I still permitted to continue with my Liphook conveyancing solicitor even though they are not on the mortgage company panel of approved conveyancing solicitors?
You have numerous alternatives available to you here
- Complete the deal with your existing Liphook conveyancer but your lender will no doubt appoint a conveyancing practitioner from their conveyancing panel. This will result in additional cost together with probable frustration.
- Appoint a new property lawyer to act in the purchase, ensuring that they are on the bank conveyancing panel.
- Convince your lawyer to seek to join the lender panel
I purchased a freehold house in Liphook yet pay rent, why is this and what is this?
It’s unusual for properties in Liphook and has limited impact for conveyancing in Liphook but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Will our solicitor be raising enquiries regarding flooding as part of the conveyancing in Liphook.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Liphook. Some people will purchase a house in Liphook, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or by their lawyers which will figure out the risks in Liphook. The conventional set of property information forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to find out whether the premises has historically flooded. If the premises has been flooded in past which is not disclosed by the seller, then a purchaser may bring a compensation claim resulting from an inaccurate reply. The buyer’s solicitors should also commission an enviro report. This should higlight whether there is any known flood risk. If so, further inquiries should be carried out.
I have recentlybecome aware that Stirling Law have been shut down. They carried out my conveyancing in Liphook for a purchase of a leasehold apartment 12 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The easiest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Liphook conveyancing specialists.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Liphook is where the house is located. Is there any advice you can impart?
Flying freeholds in Liphook are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Liphook you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Liphook may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I work for a busy estate agency in Liphook where we have experienced a few flat sales derailed as a result of short leases. I have been given contradictory information from local Liphook conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 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 disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 acquired a ground floor flat in Liphook, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Liphook with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2078
You have 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on 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 other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.