My partner and I are hoping to buy a flat in Markyate and are in fact using a Markyate conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Coventry Building Society have this evening contacted us to inform me that there is now an issue as our Markyate conveyancer is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Markyate lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
AssumingI was to buy a simple residential housein Markyate for cash and have no survey and no local authority searches how much would I expect to to save on my conveyancing in Markyate?
The sole reduction in fees you would achieve is the Markyate conveyancing searches. A conveyancing practitioner is required to do the vast majority of work - money laundering, correspond with the vendors property lawyer, SDLT return, register the ownership etc. You might save a bit for them not needing to register a charge but it won't be a lot.
I own a freehold residence in Markyate but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Markyate and has limited impact for conveyancing in Markyate 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 generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial property in Markyate?
Its becoming the norm that commercial conveyancing solicitors in Markyate will perform a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Markyate. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Markyate.
For every commercial conveyancing transaction in Markyate it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Markyate commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Markyate.
I have recently realised that I have Seventy years remaining on my flat in Markyate. I am keen to get lease extension but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you have used your best endeavours to track down the freeholder. On the whole a specialist should be helpful to try and locate and to produce an expert document to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court overseeing Markyate.
I am the registered owner of a basement flat in Markyate, conveyancing was carried out 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Markyate with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2099
You have 74 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
Why is New Build conveyancing in Markyate more costly?
Conveyancing in Markyate for recently converted or new build properties can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further investigations and contractual considerations.