I am expecting a mortgage with Santander. I would like to enlist the help of a Licensed Conveyancer in Yate. Does the Santander Conveyancing panel exclude Licensed Conveyancers?
The Santander 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 sincerely hope you can help me. My Yate conveyancer is advising me that she is duty bound toapply for Yate conveyancing searches asthe firm are on the Virgin Moneysolicitor panel. Is my solicitor right?
You have limited options available to you. As you are obtaining a home loan with a lender your property lawyer has to comply with their conditions as set out in their version of the UK Finance Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Yate conveyancing searches.
I own a freehold residence in Yate but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Yate and has limited impact for conveyancing in Yate 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 have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My wife and I purchased a 4 bedroom Georgian house in Yate. Conveyancing practitioner acted for me and TSB. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You should review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Yate and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing lawyer who conducted the conveyancing.
I am looking at a two apartments in Yate which have about 50 years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
I invested in buying a 2 bed flat in Yate, conveyancing having been completed January 2002. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Yate with a long lease are worth £260,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2101
You have 75 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
We have selected a Yate conveyancing solicitor for our house purchase (novice purchasers) and have spotted in the engagement letter that they are not governed by the Financial Conduct Authority. Am I right to be concerned or is that the norm with lawyer?
We can't see why they should be. Most conveyancing practitioner don't lend money. They will be regulated by the Solicitors Regulation Authority, who have specific conditions regulating amounts sitting in their bank.