The housing market in Shropshire is hotting up. What can I do to expedite matters?
First, If the seller is applying pressure for your conveyancing it is highly recommended that your lawyer is familiar with the location as they will benefit local contacts and insight. It is even conceivable that they would have handled previoushomes in the same road. You would be best advised to use a Shropshire conveyancing solicitor. In addition, ensure that the lawyer is on the member panel. It is estimated that 18% of Shropshire conveyancing deals are held up or jeopardised after finding out that a purchaser’s conveyancer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the transaction being delayed by almost 21 days. It is understood that this issue affects in the region of one hundred thousand home moves annually. Almost all Shropshire conveyancing firms can not act for certain mortgage companies so do check as early as possible.
I purchased a freehold residence in Shropshire but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Shropshire and has limited impact for conveyancing in Shropshire 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Is it the case that all Shropshire CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing list of approved practices?
It is true that some lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is 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 solicitors wishing to remain on their approved list of conveyancing solicitors.
Intending to buy a apartment in Shropshire. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Shropshire solicitor is on the Principality conveyancing panel.
I have instructed a Shropshire lawyer having made sure that they are on the Santander conveyancing panel. Does my lawyer arrange the survey of the property?
Santander will need an independent valuation of the property. Your lawyer will not arrange this. Usually Santander will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Shropshire postcode. As you are getting a mortgage with Santander, you could contact them to see if they have a list of approved surveyors in Shropshire.
I need some expedited conveyancing in Shropshire as I am faced with pressure to complete inside 4 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
If.Given you are not obtaining a home loan you are at free not to do searches although no lawyer would advise that you don't. Drawing on our experience of conveyancing in Shropshire the following are examples of issues that can show up and therefore affect future mortgageability: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
I am buying a new build apartment in Shropshire. 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 legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Shropshire
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. 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.
I have just appointed agents to market my basement flat in Shropshire. Conveyancing solicitors are to be appointed soon, but I have recently had a half-yearly maintenance charge demand – Do I pay up?
The sensible thing to do is clear the service charge as usual as all rents and maintenance payments will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a leasehold flat in Shropshire, conveyancing having been completed 4 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Shropshire with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease ceases on 21st October 2086
With just 60 years left to run we estimate the premium for your lease extension to range between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more 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 you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.