My wife and I are intent on purchasing a maisonette in Sherborne. My Solicitor is not on the lender solicitor list. Am I still permitted to continue with my Sherborne conveyancing solicitor notwithstanding that they are excluded from the lender list of approved lawyers?
You must use a conveyancing practitioner to deal with the legal work required if you need a mortgage to buy your home. The lawyer will carry out all the necessary due diligence on the property, make sure that you’re registered as proprietor and ensure that all the necessary mortgage documentation is in order. One could instruct a Sherborne property lawyer of your choice. However, if the conveyancer appointed is not a member of the bank approved list further costs will be levied as separate legal representation will be need by the lender. Lender panel applications may be submitted, so provided your lawyer has not in the past applied for membership they should take the chance to apply.
About to place a bid on a leasehold apartment in Sherborne. The selling agents assure me that it is standard for flats in Sherborne to have less than 75 years unexpired on the lease. I am getting a mortgage with Platform. Is this going to be acceptable if the lease has 70 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 29/4/2024 the requirements read as follows :
The deeds to our property are lost. The conveyancers who handled the conveyancing in Sherborne 10 years ago no longer exist. What are my options?
You no longer need to have the physical official documentation to prove you own the land or premises, as the Land Registry have everything they need in a digital format.
Should I go with a Sherborne conveyancing solicitor in close proximity to the house I am hoping to buy? I have an old university friend who can execute the legal work however her office is approximately 350miles away.
The benefit of a high street Sherborne conveyancing practice is that you can drop in to execute documents, present your ID and pester them if necessary. Having local Sherborne know how is a plus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were content that should surpass using an unfamiliar Sherborne conveyancing lawyer just because they are based in the area.
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Sherborne. I now want to extend my lease but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to find the landlord. In some cases a specialist should be useful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Sherborne.
I am the registered owner of a studio flat in Sherborne, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Sherborne with over 90 years remaining are worth £260,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2098
With just 74 years left to run the likely cost is going to be between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.