My wife and I are purchasing a 1 bedroom flat in Strood with a mortgage. We have a Strood solicitor, but the mortgage company says he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Strood conveyancing practitioner as well as pay for one of their panel firms to represent them. This feels very unfair; are we not able to demand that the bank use our Strood conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Strood conveyancing lawyer to apply to be on the conveyancing panel.
I am the registered owner of a freehold house in Strood but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Strood and has limited impact for conveyancing in Strood 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 generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I have justbecome aware that Action Conveyancing have closed. They carried out my conveyancing in Strood for a purchase of a leasehold flat 18 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest way to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Strood conveyancing specialists.
How does conveyancing in Strood differ for new build properties?
Most buyers of new build residence in Strood approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because house builders in Strood tend to buy the real estate, 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 conveyancers 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 Strood or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Strood in advance of instructing lawyers. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some lenders will not give a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Strood. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any advice for leasehold conveyancing in Strood from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Strood can be reduced if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ lawyers. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Strood leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. Should you fail to have the approvals to hand do not communicate with the landlord without contacting your conveyancer in the first instance. If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing. The majority of landlords or Management Companies in Strood levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Strood. You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I own a basement flat in Strood, conveyancing was carried out in 2008. How much will my lease extension cost? Similar properties in Strood with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease finishes on 21st October 2083
With 57 years remaining on your lease we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.