I require conveyancing for an apartment in a fairly new development (seven years built) in Workington. The vast majority the appartments are already disposed of. Is it strictly necessary to order neighbourhood searches as part of conveyancing in Workington?
Conveyancing Searches are a vital link in the Workington conveyancing process. There are numerous companies conducting Workington conveyancing searches, as well direct from the local authority. These are known collectively as personal search companies and they produce, not surprisingly, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must obtain their information from the local authoritative source.
I own a freehold residence in Workington yet charged rent, why is this and what is this?
It’s unusual for properties in Workington and has limited impact for conveyancing in Workington 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have been recommended a conveyancing solicitor in Workington. I I would like to check if they are accepted on the Halifax conveyancing panel. Can you advise?
You should call your lawyer and enquire if they can act for the bank. Alternatively please call Halifax who may be able to confirm.
Last month we had a mortgage agreed in principle with Co-operative. Workington conveyancing lawyers have been chosen. How long does it take for Co-operative to send the offer to the conveyancing practitioner?
There is no definitive answer here. Have Co-operative done the valuation? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
It is not clear whether my lender requires a lease extension. I have called into my local Workington bank branch on various occasions and was informed it wasn't an issue and they will lend. My Workington conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Provided that the conveyancing practitioner is on the bank approved list, they must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 left on the lease.
I was told four weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Workington is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their PI Insurance.
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 Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
I have been on the look out for a ground for flat up to £305k and found one close by in Workington I like with amenity areas and transport links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Workington in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
What are the frequently found deficiencies that you come across in leases for Workington properties?
Leasehold conveyancing in Workington is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
I own a garden flat in Workington, conveyancing having been completed March 2012. How much will my lease extension cost? Corresponding properties in Workington with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2088
With only 63 years remaining on your lease we estimate the premium for your lease extension to be between £16,200 and £18,600 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 advice on the actual costs in the absence of detailed due diligence. 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 should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.