Having been referred to your organisation we were going to go ahead with a conveyancing solicitor in Ludlow found using your search tool but stumbled across some other estimates via the web seem less expensive – how come?
You can find many firms of websites advertising alleged cheap conveyancing, yet more often than not additionalcharges result in the closing invoice totally different to the one you expected. According to the Legal Ombudsman charges listed in terms of engagement should be fair and reasonable invoiced The solicitors that we put forward for conveyancing in Ludlow genuinely set out all legal fees for a standard conveyancing matter.
Our lawyer has uncovered a defect with the lease for the property we are buying in Ludlow. The other side have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must ensure that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
I am the registered owner of a freehold premises in Ludlow yet invoiced for rent, why is this and what is this?
It is rare for properties in Ludlow and has limited impact for conveyancing in Ludlow 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I own a renovated Georgian property in Ludlow. Conveyancing lawyer represented me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the exact same address. Is it worth asking Norwich and Peterborough Building Society to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ludlow and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing lawyer who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Ludlow is the location of the property. Is there any guidance you can impart?
Flying freeholds in Ludlow are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ludlow you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ludlow may decide 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.
In relation to leasehold conveyancing in Ludlow what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Ludlow. All leases are individual and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Nottingham Building Society all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to withdraw.
I invested in buying a studio flat in Ludlow, conveyancing having been completed 4 years ago. How much will my lease extension cost? Comparable flats in Ludlow with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease expires on 21st October 2079
With just 54 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional 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 based on this information before seeking the advice of a professional.