Can you explain why leasehold purchase conveyancing in The Park costs more?
The Park leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
is it true that all The Park solicitors on the Coventry BS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be overseen by the SRA. The majority of lenders do permit licenced conveyancers on their panel in which case such practice would be governed by the CLC.
Two weeks ago we had a mortgage agreed in principle with UBS. The Park conveyancing solicitors are appointed. How long does it take for UBS to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have UBS conducted the valuation? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We expect to receive a AIP from Yorkshire BS this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any The Park solicitors on the Yorkshire BS conveyancing panel, or is it better to go independently?
You will need to appoint The Park solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
My wife and I have a semi-detached Georgian property in The Park. Conveyancing practitioner represented me and Nottingham Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to 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 The Park and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing solicitor who conducted the purchase.
I need to retain a conveyancing solicitor for my conveyancing in The Park. I happened to discover a site which seems to have the ideal answer If there is a chance to get all this stuff completed via email that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold property in The Park. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a leasehold flat in The Park, conveyancing was carried out 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in The Park with a long lease are worth £191,000. The ground rent is £55 yearly. The lease runs out on 21st October 2078
With just 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.
Are you able recommend a good solicitor to do the buying of an apartment in The Park. With any luck we will purchase the flat for £165000 with a mortgage from Yorkshire BS. We are in The Park but dont require the solicitors to be based in The Park.
The purpose of this site is restricted to being a directory service for property lawyers who want to be listed as being on the approved conveyancing panel for Yorkshire BS in certain locations such as The Park . Our intention is not to recommend any specific property lawyer.