I am in the process of mortgaging my flat in North Somerset, does my lawyer have to be on the HSBC Solicitor panel?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I know that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a residence in North Somerset? or Apparently there is an ancient law that could mean that homeowners living in a parish church boundary will be compelled to pay for maintenance towards the chancel in proximity to the church. Is this applicable for conveyancing in North Somerset?
Unless a previous purchase of the property completed after 12 October 2013 you can expect lawyers carrying out conveyancing in North Somerset to continue to propose a a chancel search and or insurance against a claim.
I am buying a new build apartment in North Somerset. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in North Somerset
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in North Somerset I like with open areas and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in North Somerset in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
My wife and I purchased a leasehold house in North Somerset. Conveyancing and Coventry Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in North Somerset who previously acted has now retired. Do I pay?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the new freeholder. It is not necessary to instruct a North Somerset conveyancing practitioner to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a garden flat in North Somerset, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar flats in North Somerset with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease finishes on 21st October 2099
With 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 legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
What is the difference between surveying and conveyancing in North Somerset?
Conveyancing - in North Somerset or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are buying and will help you find out about the condition of the building and, if there are problems, give you a powerful reason for negotiating the buying price down or asking the vendor to fix the defects prior to you move in.