Me and my wife are purchasing property in Stotfold. My Conveyancer is not listed on the bank conveyancing list. Am I still permitted to appoint my Stotfold conveyancing solicitor even though they are excluded from the lender panel of approved conveyancing solicitors?
You will need to appoint a conveyancing practitioner to deal with the formalities when you need a loan to buy your property. They will carry out all the relevant legal checks on the property, make sure that you’re registered as proprietor and ensure that all the necessary mortgage documentation is in place. One may appoint a Stotfold solicitor of your choice. However, if the lawyer selected is not a member of the bank conveyancing panel further costs will arise as separate legal representation will be need by the lender. Lender panel applications can be submitted, so provided your conveyancer has not in the past applied for membership they should take the chance to apply.
We note that you have a post code search directory identifying solicitors on the RBS conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Stotfold?
We are a listing service only for law firms wishing to communicate if they are on the RBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stotfold.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when buying a property in Stotfold?
Unless a prior acquisition of the property completed post 12 October 2013 you may take it that solicitors handling conveyancing in Stotfold to continue to suggest a chancel search and or chancel repair liability policy.
Due to the encouragement of my in-laws I had a survey completed on a house in Stotfold in advance of appointing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some banks may not grant a mortgage on this type of property.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stotfold. Conveyancing will be smoother if you use a solicitor in Stotfold especially if they are familiar with such properties in Stotfold.
I am a negotiator for a busy estate agent office in Stotfold where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Stotfold conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
As long as 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 wait 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 sale.
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 purchaser.
I inherited a 2 bed flat in Stotfold, conveyancing was carried out in 2004. 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? Comparable flats in Stotfold with over 90 years remaining are worth £197,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2081
With 55 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Why do Stotfold conveyancing costs are more expensive for leasehold and freehold properties?
There is always more work involved for leasehold conveyancing. Stotfold has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.