We previously chose conveyancers based in Street on the Virgin Money solicitor approved list. They are now charging me a further fee for handling the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your lawyer may charge a fee for this. The fee is not dictated by Virgin Money but by your Street lawyer. Some firms on the Virgin Money panel will quote an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Last month we had a mortgage agreed in principle with Principality. Street conveyancing solicitors have been selected. How long does it take for Principality to issue the offer to the property lawyer?
Some lenders take longer than others. Have Principality completed the valuation? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have a mortgage with HSBC for my property in Street. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
HSBC must be informed of your intention prior to renting your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel lawyer.
I have a terraced Georgian property in Street. Conveyancing lawyer represented me and HSBC Bank. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the matching address. Is it worth asking HSBC Bank to clarify?
You should assess 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 Street and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing solicitor who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Street is where the house is located. What do you suggest?
Flying freeholds in Street are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Street you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Street may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Is it best to use a Street conveyancing solicitor who is local to the property I am buying? We have a good friend who can carry out the conveyancing but they are based a couple of hundredmiles away.
The benefit of a high street Street conveyancing practice is that you can drop in to sign documents, hand in your identification documents and apply pressure on them if necessary. Having local Street know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were happy that must outweigh using an unfamiliar Street conveyancing solicitor just because they are local.
I have just appointed agents to market my garden flat in Street. Conveyancing lawyers have not yet been instructed, but I have recently had a quarterly service charge demand – what should I do?
It best that you pay the maintenance contribution as usual as all rents and service payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice 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 am the registered owner of a garden flat in Street, conveyancing formalities finalised June 1996. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Street with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2077
With only 52 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
How does one as executor remove a departed person's details from the title register for a property in Street?
Where a Street property is jointly owned and one of the owners dies, their name will not automatically be removed from the Land Registry title. It is not necessary to amend the title as when it comes to a disposal your lawyer would just be required to supply proof as to the reason the co proprietor is not a party to the conveyance, such as a grant of probate.
With the aim of making things simpler for the sale of the property you may arrange to have the deceased name removed from the title by applying to the land registry with evidence of the death. There is no fee from the Registry for this service.