I am hoping to receive a mortgage with Nat West. I intend to enlist the help of a Licensed Conveyancer in Pagham. Does the Nat West Conveyancing panel exclude Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
As someone not used to the Pagham conveyancing process what’s the number one tip you can impart concerning the ownership transfer in Pagham
You may not hear this from too many lawyers but conveyancing in Pagham or throughout West Sussex is an adversarial process. Put another way, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the transaction. E.g., the seller, estate agent and even potentially the bank. Selecting a law firm for your conveyancing in Pagham an important selection as your conveyancer is your adviser, and is the ONLY person in the legal process whose interest is to protect your best interests and to keep you safe.
There is a distinct ongoing adversarial element to conveyancing- someone must be blamed for the process being so protracted. You your first instinct should be to trust your conveyancer ahead of all other parties when it comes to the legal transfer of property.
We're in Pagham, First time buyers buying with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Pagham I like with amenity areas and railway links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Pagham suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan that many years will likely be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I work for a reputable estate agency in Pagham where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Pagham conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as 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 purchased a 1st floor flat in Pagham, conveyancing having been completed July 2012. Can you work out an approximate cost of a lease extension? Similar flats in Pagham with a long lease are worth £185,000. The ground rent is £65 yearly. The lease ceases on 21st October 2086
With only 60 years left to run the likely cost is going to span between £20,000 and £23,000 plus 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 a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
New build sellers have put forward a lawyer and I've received an estimate from them. They are nearly £300 less expensive than my family Pagham solicitor. What's the catch?
Housebuilders normally have lists of solicitors who are quick and who know the builder's paperwork and property lawyer. As many developers offer an incentive to use their approved lawyer for this reason, any increased cost can be avoided and a developer won't suggest a conveyancing factory and run the risk of having the transaction stall when they want exchange inside a month. The argument for not opting for the recommended solicitor is that they may be reluctant to fight for your interests for fear of alienating the developer. If you worry that this may be the case you should keep with your local Pagham solicitor.