Me and my partner are purchasing a apartment in St Ives. I might seem paranoid but how we can trust a conveyancer? At some point we will need to put money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as Aldermore, do St Ives conveyancers incur an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my St Ives bank branch on various occasions and was told it does not affect the mortgage offer and they will lend. My St Ives conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. I have no idea who is right.
The conveyancer has to follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The solicitors who dealt with the conveyancing in St Ives 5 years ago no longer exist. What do I do?
Gone are the days when you need to have the physical official documentation to evidence that you are the owner of your registered land or premises, as the Land Registry hold details of all registered land or property electronically.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in St Ives I like with amenity areas and transport links in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in St Ives for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I am using a search engine for the words on line conveyancing in St Ives it brings up numerous conveyancersin the vicinity. With so much choice what is the best way to find the suitable conveyancer for me?
The preferential way of seeking the right conveyancer is through a trusted referral, so enquire of colleagues and relatives who have purchased a property in St Ives or a respected estate agent or mortgage broker. Charges for conveyancing in St Ives differ, so it's a good idea to request a minimum of four quotes from different conveyancers. Be sure to obtain confirmation that the costs are guaranteed not to increase.
I am a negotiator for a busy estate agent office in St Ives where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local St Ives conveyancing solicitors. Could you confirm whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a leasehold flat in St Ives, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in St Ives with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease terminates on 21st October 2092
With just 67 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" 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 detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be 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 based on this information before seeking the advice of a professional.
I'm buying a house in St Ives. I can find my conveyancer's company on the CLC list, but I can't see my lawyer's name on the list. Is this a big problem?
Not all staff in the practice must be listed by the regulator. As long there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.