I am under pressure from the mortgagee in possession of a property in Littleport to complete within four weeks. What can I do to accelerate the buying process?
In the event that you are under a tight deadline to exchange it is advisable to make sure that your conveyancer is familiar with the location as they will make use of local contacts and intelligence. It is even conceivable that they may have transacted previoushouses in the same road. You would be best advised to use a Littleport conveyancing firm. In addition, make sure that the lawyer is on the member panel. It is believed that nearly one in five of Littleport conveyancing deals are held up or jeopardised after finding out that a buyer’s conveyancer was not on their banks list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being frustrated by as much as 21 days. It is claimed that this issue affects approximately 100,000 home sales every year. Almost all Littleport conveyancing firms can not represent certain lenders so do check as early as possible.
I am the registered owner of a freehold premises in Littleport yet pay rent, why is this and what is this?
It’s unusual for properties in Littleport and has limited impact for conveyancing in Littleport 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 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 dispensed with completely.
My husband and I decided to purchase a newly converted flat in Littleport with a mortgage from Barnsley Building Society.We would like to retain our Littleport conveyancing solicitor but Barnsley Building Society says her practice is not on their "panel". It seems we are left with no choice but to instruct a Barnsley Building Society panel firm or keep our local solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The mortgage offered to you contains terms and conditions, a common one being that solicitors must be on the Barnsley Building Society conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Barnsley Building Society
Me and my partner are buying a house in Littleport. It might be a silly question but how we can trust a lawyer? On completion day we will need to send our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
What is your number one tip for finding a conveyancing solicitor in Littleport
It would be unwise to be swayed by the lowest Littleport conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
My stepmother pointed out to me me that in buying a property in Littleport there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are a number of properties in Littleport which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Littleport should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Littleport is the location of the property. Can you shed any light on this issue?
Flying freeholds in Littleport are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Littleport you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Littleport may determine 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 residence.
I work for a reputable estate agent office in Littleport where we see a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Littleport conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 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 purchaser.
I own a 1st floor flat in Littleport, conveyancing having been completed February 2004. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Littleport with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2102
With only 77 years unexpired we estimate the price of your lease extension to range between £7,600 and £8,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.