Can you explain why leasehold purchase conveyancing in Swanland is more expensive?
In summary, leasehold conveyancing in Swanland and elsewhere usually requires more due diligence compared to freehold transactions. This includes lease investigation, communicating with the landlord concerning serving applicable notices, procuring current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
Do I have to pop into the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Swanland so that I can attend their offices when needed.
As opposed to 12 years ago, the vast majority lenders no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to supply ID documents and there are still distinct benefits to choosing a locally based practitioner, in your situation a conveyancing solicitor in Swanland.
I currently have a mortgage with Nottingham for my property in Swanland. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Your original mortgage agreement with Nottingham will provide that you need their approval before renting your property as this is likely to be a breach of Nottingham’s mortgage conditions. It may be that Nottingham 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 Nottingham directly. It should not be necessary to do this via a Nottingham conveyancing panel solicitor.
About to purchase flat in Swanland. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Swanland lawyer is on the Leeds Building Society conveyancing panel.
I've read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Swanland solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Swanland postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Swanland.
Various online forums that I have frequented warn that are the number one reason for stalling in Swanland house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Swanland.
Due to the input of my in-laws I had a survey completed on a house in Swanland in advance of appointing conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some lenders may refuse to give a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you call 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 Swanland. Conveyancing will be smoother if you use a solicitor in Swanland especially if they regularly deal with such properties in Swanland.
Back In 2007, I bought a leasehold house in Swanland. Conveyancing and TSB mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Swanland who acted for me is not around. Do I pay?
First contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Swanland conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a 1 bedroom flat in Swanland, conveyancing having been completed in 2011. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Swanland with an extended lease are worth £165,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2102
With only 78 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.