After looking at consumer advice sites for a cheap lawyer in Banbury, many advise that I should use a CQS assured lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's major lenders. Four years ago the Conveyancing Quality Scheme was officially recognised by the Association of British Insurers (ABI). The scheme does not cover licenced conveyancers. Banbury is one of the many areas in England and Wales where there are CQS lawyers.
Should commercial conveyancing searches reveal proposed roadworks that could impact a commercial estate in Banbury?
Its becoming the norm that commercial conveyancing solicitors in Banbury will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Banbury. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Banbury.
For each commercial conveyancing transaction in Banbury it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Banbury commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Banbury.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Banbury I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Banbury suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Last January I purchased a leasehold house in Banbury. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 1st floor flat in Banbury, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Banbury with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2087
With only 68 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.
I need to change lawyers as my Banbury lawyer is not on the lender's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
In the event that you have not formally instructed a solicitor to commence the conveyancing and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Banbury that you're thinking of instructing.