We are buying our first property. The lawyer has e-mailedto ask if we would like to take out extra conveyancing searches. Frankly we in the dark as to what's necessary for conveyancing in St Albans
The extent of St Albans conveyancing searches should be triggered based primarily on the property, the location, the likelihood of any of these risks, your knowledge of the region and risks, your general attitude to risk. What is important is that you adequately comprehend what information the searches could provide. Then you can make a decision if you personally think you need that search. Should you be unsure, ask the solicitor to advise.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in St Albans?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I own a semi-detached Victorian house in St Albans. Conveyancing practitioner represented me and Barclays Direct. I did a free Land Registry search last week and there are two entries: the first freehold, another for leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St Albans and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing solicitor who conducted the work.
How does conveyancing in St Albans differ for new build properties?
Most buyers of new build residence in St Albans come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in St Albans tend to buy the site, 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 property lawyers 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 St Albans or who has acted in the same development.
I'm remortgaging my existing house to a buy to let loan with Accord Mortgages Ltd and intend to use the remaining equity as a deposit on further house. The area we are looking at is St Albans. Will your solicitors be able to act for both sets of lenders and link together the two deals?
Make use of our comparison tool on this site to be sure that the solicitors are approved by both lenders. On the basis that they are your solicitor will be able to connect the two deals but you should talk with you solicitor and specify your desired outcome and requirements.
Are there common deficiencies that you encounter in leases for St Albans properties?
Leasehold conveyancing in St Albans is not unique. Most leases are individual and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain parts of the building Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
I own a 1 bedroom flat in St Albans, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in St Albans with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease terminates on 21st October 2080
With only 55 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.