My lawyer in Thornton has never been on on the The Royal Bank of Scotland Conveyancing Panel. Can I still retain my family solicitor even though they are excluded from the The Royal Bank of Scotland list of approved lawyers?
The limited options open to you here include:
- Complete the purchase with your existing Thornton solicitors but The Royal Bank of Scotland will need to use a solicitor on their panel. This will result in additional overall conveyancing fees as well as result in delays.
- Find a new practitioner to to deal with the purchase, obviously checking they are on the The Royal Bank of Scotland panel
If you had a top tip for selecting a conveyancing solicitor in Thornton what would it be?
Do not opt for the cheapest Thornton conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
I have a mortgage with Skipton for my property in Thornton. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Skipton?
You must advise Skipton before renting your property as this is likely to be a breach of Skipton’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Skipton directly. It should not be necessary to do this via a Skipton conveyancing panel lawyer.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Thornton building society branch on various occasions and was informed it wasn't an issue and they will lend. My Thornton conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their specific requirements. Who do I believe?
Your conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am looking for a leasehold apartment up to £195,000 and identified one close by in Thornton I like with open areas and station in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Thornton for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
How does the Landlord & Tenant Act 1954 impact my business premises in Thornton and how can you help?
The 1954 Act gives security of tenure to business lessees, granting the legal entitlement to make a request to court for a new lease and remain in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Thornton
I am tempted by the attractive purchase price for a couple of flats in Thornton which have about fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Thornton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Thornton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a leasehold flat in Thornton, conveyancing having been completed April 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Thornton with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2101
With just 76 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
A conveyancing firm handled my conveyancing in Thornton half a dozen years past having retained my deeds but has now closed – What steps do I now take to retreive them?
Title deeds, as such, are no longer appropriate for the majority of homes in Thornton are archived digitally at Land Registry. If you need to establish evidence of proprietorship or are selling or refinancing your solicitor should obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.