Can you explain why leasehold purchase conveyancing in Tadworth is more expensive?
In summary, leasehold conveyancing in Tadworth and Surrey usually necessitates more hours of investigation compared to freehold transactions. This includes lease investigation, liaising with the landlord concerning the service of 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 – no matter how many different leaseholders have owned the lease since it was first entered into.
Are the BSA planning on creating a search tool with a view to to identify solicitors on the Coventry BS conveyancing panel for example in Tadworth?
We have not been informed any intention on the part of the BSA to promote such a tool.
I have been told by my lawyer that lack of planning permission insurance is required on my purchase. What is the level of cover for Tadworth conveyancing?
The appropriate level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
I recently had an offer agreed on an apartment in Tadworth. My financial adviser suggested a conveyancing practitioner. I paid an advanced payment of £150. A few days later, the property lawyer called me sheepishly admitting that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told three weeks ago that my mortgage has been agreed to by Yorkshire BS. Is it usual for Yorkshire BS to only issue the offer once my solicitor in Tadworth is approved on their conveyancing panel? Yorkshire BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I bought my apartment on 12 September and the transaction details is yet to be registered. Should I be concerned? My conveyancing solicitor in Tadworth said it should be recorded in a couple of weeks. Are transfers in Tadworth uniquely lengthy to register?
As far as conveyancing in Tadworth registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can adjust according to the party submitting the application, whether there are errors and whether the Land registry communicate with any interested persons or bodies. Currently roughly three quarters of such applications are fully dealt with in less than three weeks but some can be subject to protracted hold-ups. Registration takes place once the purchaser has moved in to the property thus 'speed' is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your lawyers should contact the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Tadworth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Tadworth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tadworth you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tadworth 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 property.
We own a leasehold flat in Tadworth. Conveyancing was finished in 21012. I have read on various consumer forums that I should not allow the lease length fall too low. What is the reasoning?
Tadworth residential long term leases are for a fixed term - normally ninety nine years when they commenced. However a significant appartments in Tadworth were built or converted 20 or more years ago and so these leases now have fewer than 80 years remaining. This may sound like plenty of time however Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing 75 years. To optimize the marketability of your property you should be thinking about whether to extend your lease long before you come to sell it. Furthermore advantages to doing so before the lease hits eighty years as when the lease is below 80 years the premium you have to pay to extend starts to escalate.