My fiance and I are intent on purchasing an apartment in Shirebrook. My Conveyancer is not on the bank approved list. Is it possible for me to use my Shirebrook conveyancing solicitor notwithstanding that they are not on the lender list of approved lawyers?
You must have a conveyancer to deal with the formalities if you need a loan to buy your property. They will conduct all the relevant investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage documentation is dealt with. You could instruct a Shirebrook conveyancing practitioner of your choice. Nevertheless, if the conveyancer appointed is not a member of the bank solicitor panel additional charges will be levied as separate legal representation will be required by them. Conveyancing panel applications can be submitted, so provided your solicitor has not in the past sought membership they should take the chance to apply.
I purchased a freehold house in Shirebrook but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Shirebrook and has limited impact for conveyancing in Shirebrook but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My bid for a property was accepted at auction in Shirebrook. Conveyancing is required. What happens now?
Given that you have now to all intents and purposes signed on the dotted line you will need to choose a conveyancing lawyer soon as you are facing a tight a fixed date to complete the property. Every auction property will ordinarily have a corresponding legal set of papers. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to leasehold premises. You should give this to the conveyancer working for you at the earliest opportunity. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
Is it correct that all Shirebrook CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing list of approved firms?
A selection of lenders now use the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
The formalities of my purchase has taken place for my property in Shirebrook. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
How does conveyancing in Shirebrook differ for new build properties?
Most buyers of new build property in Shirebrook come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Shirebrook tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Shirebrook or who has acted in the same development.
I have recently realised that I have Seventy years unexpired on my lease in Shirebrook. I need to get lease extension but my landlord is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have used your best endeavours to locate the freeholder. On the whole an enquiry agent should be useful to conduct investigations and prepare a report to be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Shirebrook.
I acquired a leasehold flat in Shirebrook, conveyancing was carried out in 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Shirebrook with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2100
With only 76 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
We own a leasehold flat in Shirebrook. Conveyancing was finished in 21012. I have read on a number of consumer forums that I mustn’t allow the the remaining lease term to get too low. What is the reasoning?
Shirebrook leasehold properties are for a set period - often just under one hundred years when they are first granted. However many appartments in Shirebrook were constructed or converted 25 or more years ago and so these leases now have under 80 years remaining. That may seem like plenty of time however Banks, Building Societies and other mortgage lenders on the whole require leases to have a minimum of seventy five years unexpired to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to eighty years. To increase your property value you should be considering whether or not to extend your lease long before you come to sell it. There are also advantages to doing so before the lease hits 80 years as when the lease falls below eighty years the premium to be paid to extend starts to escalate.