I am expecting a offer of a home loan from Lloyds. I hope to retain the legal services of a Licensed Conveyancer in Tring. Does the Lloyds Solicitor panel allow for 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 Council of Licensed Conveyancers.
Are the BSA intent on creating a searchable register to list solicitors on the Earl Shilton BS conveyancing panel for instance in Tring?
We have not been informed any plans on the part of the BSA to develop such a register.
My wife and I purchased a renovated Victorian house in Tring. Conveyancing lawyer acted for me and Skipton Building Society. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for 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 Tring 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 buyers. You can also question the situation with your conveyancing solicitor who carried out the work.
How does conveyancing in Tring differ for new build properties?
Most buyers of new build or newly converted property in Tring approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Tring tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Tring or who has acted in the same development.
Can you offer any advice when it comes to finding a Tring conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Tring conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Tring conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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How familiar is the practice with lease extension legislation? If the firm is not ALEP accredited then why not?
I invested in buying a garden flat in Tring, conveyancing formalities finalised in 2002. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Tring with a long lease are worth £202,000. The ground rent is £60 levied per year. The lease terminates on 21st October 2081
With just 56 years left to run the likely cost is going to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
Why is New Build conveyancing in Tring more costly?
Acquiring a new build property is significantly distinct from the normal house purchase conveyancing in Tring. For a start housebuilders ordinarily insist contracts to exchange inside a short timeframe, so there is a lot of pressure on your solicitor to make sure all is in order. Furthermore new build conveyancing often involve the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage lender obligations are also more demanding. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.