Is there a reason why leasehold purchase conveyancing in North Ferriby costs more?
North Ferriby leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am thinking of remortgaging my apartment in North Ferriby, does my lawyer need to be on the Bank of Ireland Solicitor panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am being told by my conveyancer that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in North Ferriby?
The right level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Halifax and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
We have a mortgage agreed in principle with Bank of Ireland. North Ferriby conveyancing lawyers have been instructed. How long does it take for Bank of Ireland to issue the offer to the solicitor?
There is no definitive answer here. Have Bank of Ireland done the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I can not fathom if my mortgage offer requires a lease extension. I have called into my local North Ferriby bank branch on various occasions and was told it does not impact the mortgage offer and they will lend. My North Ferriby conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their specific requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the bank panel, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I note that there are debates on Chancel Insurance on online forums. Do I require this when acquiring a property in North Ferriby? or Apparently there is an ancient law that could mean that owners of property residing in a parish church boundary may be liable to contribute towards maintenance to the chancel within the church. Is this relevant for conveyancing in North Ferriby?
Unless a prior acquisition of the property took place post 12 October 2013 you could expect solicitors handling conveyancing in North Ferriby to remain recommending a chancel search and or insurance against a claim.
What are your top tips when it comes to appointing a North Ferriby conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a North Ferriby conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non North Ferriby conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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What are the charges for lease extension work?
I inherited a basement flat in North Ferriby, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in North Ferriby with over 90 years remaining are worth £195,000. The ground rent is £45 invoiced every year. The lease ends on 21st October 2088
With just 63 years remaining on your lease we estimate the premium for your lease extension to span between £16,200 and £18,600 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 extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Should local authority consent be needed to convert a single dwelling into multiple flats in North Ferriby? This has been carried out to a property opposite to my house in North Ferriby and was not aware of it happening until it was complete.
Planning Permission yes. Building Reg Approval yes.