Much to our surprise we have been told by our lender that my Park Hill solicitor is not on the bank Solicitor panel. What can I do to be sure that this is correct?
The sensible course of action for you to take is to contact your Park Hill lawyer directly. You lawyer should notify you what has happened. If they are not on the panel they may be able to suggest a Park Hill conveyancing practice that is on the conveyancing panel for your bank.
My wife and I have a semi-detached Edwardian house in Park Hill. Conveyancing lawyer acted for me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be 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 Park Hill and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing lawyer who conducted the purchase.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Park Hill is the location of the property. Can you shed any light on this issue?
Flying freeholds in Park Hill are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Park Hill you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Park Hill 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.
My brother has recommend that I appoint his conveyancing solicitors in Park Hill. Should I find my own property lawyer?
Much as we are happy to recommend a Park Hill conveyancing lawyer it’s preferable to select a conveyancing lawyer is to get referrals from friends or relatives who have actually previously instructed the solicitor you're contemplating using.
I've recently bought a leasehold flat in Park Hill. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a studio flat in Park Hill, conveyancing was carried out October 1999. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Park Hill with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2080
With just 54 years unexpired the likely cost is going to range between £32,300 and £37,400 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
We are in the middle of buying a property in Park Hill. Conveyancing solicitor has called to say the property is "Leasehold". Does this make a difference on the salability of the property?
Park Hill conveyancing does not in most situations involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If it's 999 years with a nominal rent, it's essentially freehold, so it shouldn't impact the saleability significantly.
At the other end of the spectrum, if it's, say, 50 years it will have a significant impact on the value, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your lawyer.