My fiance and I are intent on buying a ground floor flat in Liphook. My Solicitor is not listed on the bank conveyancing list. Is it possible for me to appoint my Liphook conveyancing solicitor even though they are not on the lender approved list?
You have a number of choices open to you here
- Proceed with your existing Liphook solicitor but your lender will no doubt appoint a property lawyer on their approved list. This will result in additional charges together with likely delay.
- Appoint a new lawyer to conduct the conveyancing, ensuring that they are on the bank conveyancing panel.
- Convince your conveyancer to seek to join the lender panel
In the event thatI was to purchase a simple residential housein Liphook mortgage fee and dispense with a survey and no local authority searches how much would I expect to have to pay for conveyancing in Liphook?
The sole saving you would achieve is the disbursement for searches. A solicitor still be obliged to do everything else - money laundering, correspond with the sellers conveyancer, SDLT submission, register the property etc. A slight saving might be made by not having to register a charge however it won't be meaningful.
I purchased a freehold property 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Will my solicitor be asking questions about flooding during the conveyancing in Liphook.
Flooding is a growing risk for conveyancers conducting conveyancing in Liphook. Some people will acquire a house in Liphook, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a various checks that may be carried out by the buyer or by their lawyers which can figure out the risks in Liphook. The standard completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to determine if the property has suffered from flooding. If flooding has previously occurred and is not disclosed by the owner, then a buyer could bring a claim for damages as a result of such an incorrect response. A purchaser’s lawyers will also commission an enviro report. This should indicate whether there is a recorded flood risk. If so, further investigations will need to be carried out.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Liphook is where the house is located. What do you suggest?
Flying freeholds in Liphook are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Liphook you must be sure that your lawyer goes 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.
What are your top tips when it comes to appointing a Liphook conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Liphook conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Liphook conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
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How experienced is the firm with lease extension legislation?
I own a 1 bedroom flat in Liphook, conveyancing formalities finalised in 1999. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Liphook with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2105
With 80 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.