Why do I have to pay up front when it comes to conveyancing in Seaforth?
Where you are retaining lawyers for conveyancing in Seaforth your lawyer will request that you place them with monies to cover the search fees. Normally this is needed to cover the fees of the Local Authority Search. If any deposit is payable against the purchase price then this will be needed immediately prior to contracts are exchanged. The final balance that is due should be transferred a few days prior to the completion date.
I am considering applying for a Santander mortgage for purchase of a newly converted (under development) in Seaforth with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Me and my brother own a semi-detached Edwardian property in Seaforth. Conveyancing lawyer acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. Is it worth asking Norwich and Peterborough Building Society to clarify?
You should review 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 Seaforth and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing lawyer who conducted the conveyancing.
The estate agent has sent us the confirmation of our purchase of a new build flat in Seaforth. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Seaforth
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Seaforth is the location of the property. Can you shed any light on this issue?
Flying freeholds in Seaforth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Seaforth you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Seaforth may ascertain 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 residence.
Can you provide any advice for leasehold conveyancing in Seaforth from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Seaforth can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a replacement share certificate is often a time consuming formality and delays many a Seaforth conveyancing transaction. Where a reissued share is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity. You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Seaforth leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
I own a leasehold flat in Seaforth, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Seaforth with a long lease are worth £165,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2102
With only 78 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 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 provide a more accurate figure without more comprehensive investigations. 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 want to 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.