It has come to my attention via my financial adviser that my Abingdon property lawyer is not on the mortgage company Conveyancing panel. How can I be certain that this is indeed the case?
The sensible course of action for you to take is to contact your Abingdon lawyer directly. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
I have been told that property searches are the main cause of obstruction in Abingdon house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Abingdon.
I decided to have a survey completed on a property in Abingdon in advance of appointing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor advised that some banks tend not issue a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Abingdon. Conveyancing may be slightly more expensive based on your lender's requirements.
We expect to complete the disposal of our £275,000 apartment in Abingdon in just under a week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Abingdon?
Abingdon conveyancing on leasehold maisonettes more often than not involves the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They are entitled to invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee levied by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
I bought a 1 bedroom flat in Abingdon, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Abingdon with a long lease are worth £195,000. The ground rent is £45 per annum. The lease expires on 21st October 2081
With just 63 years left to run the likely cost is going to range between £16,200 and £18,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Why can I not complete our conveyancing in Abingdon on May bank holiday?
Because on completion the money will be transferred electronically between the banks of the purchaser and seller's property lawyer and currently this can only occur on a working day. It is not possible to complete on a weekend either.