Just been in touch with my conveyancing lawyer in Aldermanbury who completed the legal work 18 months ago and wanted a conveyancing costs illustration based on an identical type of house sale & purchase (a leasehold property and a freehold premises) of similar values with a home loan from Birmingham Midshires. It looks as though am now being charged double. Should I hunt for a cheaper online firm of conveyancing solicitor?
The estimate does seem a tad overpriced. If you shop around you may be able to decrease the fees slightly by say a hundred pounds. On the other hand, if you were happy with the service the firm gave you maylive to regret opting for an an unknown solicitor. Don't forget to be sure the conveyancer can represent Birmingham Midshires. Do use our search tool to select a Aldermanbury conveyancing firm on the Birmingham Midshires conveyancing panel, which can often include conveyancing solicitors in Aldermanbury.
I have a 4 bedroom Georgian property in Aldermanbury. Conveyancing practitioner acted for me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the exact same address. Is it worth asking Skipton Building Society to clarify?
You need to read the Freehold register you have again and check the Charges Register for 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 Aldermanbury and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing solicitor who conducted the purchase.
I opted to have a survey completed on a property in Aldermanbury in advance of appointing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some banks may not grant a mortgage on such a property.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Aldermanbury. Conveyancing will be smoother if you use a solicitor in Aldermanbury especially if they are familiar with such properties in Aldermanbury.
Having spent months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Aldermanbury. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Aldermanbury conveyancing firm who can help.
An example of a Lease Extension case for a Aldermanbury flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.
In relation to leasehold conveyancing in Aldermanbury what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Aldermanbury. Most leases are drafted differently and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:
Repairing obligations to or maintain elements of the building Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.
Why do Aldermanbury conveyancing fees are higher for leasehold and freehold properties?
If purchasing a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control