I am obtaining a mortgage with Lloyds. I intend to instruct a Licensed Conveyancer in Thorpe St Andrew. Does the Lloyds Solicitor panel include Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
I am the registered owner of a freehold property in Thorpe St Andrew but still pay rent, why is this and what is this?
It is rare for properties in Thorpe St Andrew and has limited impact for conveyancing in Thorpe St Andrew 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We're in Thorpe St Andrew, First timers buying with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
The deeds to our property are lost. The conveyancers who conducted the conveyancing in Thorpe St Andrew 4 years ago have long since closed. What are my options?
As long as the title is registered the information relating to your ownership will be evidenced by the Land Registry under a Title Number. It is easy to execute a search at the Land Registry, find your property and get current copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will usually retain a file duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
Last January I purchased a leasehold property in Thorpe St Andrew. 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 lessee 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 ground floor flat in Thorpe St Andrew, conveyancing was carried out September 2011. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Thorpe St Andrew with a long lease are worth £222,000. The ground rent is £50 yearly. The lease finishes on 21st October 2096
With just 71 years unexpired the likely cost is going to be between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. 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 taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
Are Thorpe St Andrew conveyancing solicitors duty bound by the Law Society to publish transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be interpreted as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Thorpe St Andrew or or elsewhere in the country.