My wife and I are intent on acquiring a ground floor flat in Thornton. My Conveyancer is not on the bank approved list. Can I still use my Thornton conveyancing solicitor notwithstanding that they are not on the lender list of approved lawyers?
You have a number of alternatives open to you here
- Complete the deal with your existing Thornton conveyancing practitioner but your bank will no doubt use a conveyancer on their conveyancing panel. This will result in additional charges and potential delay.
- Appoint a new conveyancer to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Convince your solicitor to pull out all the stops to get listed on the bank’s conveyancing panel
My conveyancer has informed me that chancel insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Thornton?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between National Westminster Bank and Virgin Money. Conveyancing solicitors as opposed to borrowers take out such insurances.
My husband and I are in the throws of viewing flats in Thornton and I am now considering a potential offer. Is it too early to have a solicitor in place? I am planning to take a home loan with Principality.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are getting a mortgage with Principality, ask your prospective lawyers if they are on the Principality conveyancing panel otherwise they can't do the mortgage legal work.
I have paid off my mortgage with Barclays. I assume I don't need a Thornton solicitor on the Barclays panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Thornton is where the house is located. What do you suggest?
Flying freeholds in Thornton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thornton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Thornton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How straightforward is it to use your search tool to locate a conveyancing lawyer in Thornton on the approved list for my bank?
First pick a mortgage company such as Birmingham Midshires, Leeds Building Society or Clydesdale then type in your preferred area e.g. Thornton. Conveyancing organisations in Thornton and further afield will then be shown.
I am tempted by the attractive purchase price for a two flats in Thornton which have about 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Thornton. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena.
I own a studio flat in Thornton, conveyancing was carried out August 2009. Can you work out an approximate cost of a lease extension? Similar flats in Thornton with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2080
With 56 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.