My IFA says he needs my Chatteris law firm’s panel reference for the Lloyds conveyancing panel. How do I find this out. I have called my local Chatteris office but they have not responded to me.
The sensible thing to do is ask for this information from your Chatteris solicitor . Most Chatteris law practices will retain a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each mortgage company.
I have justfound out that Arc property Solicitors have closed. They conducted my conveyancing in Chatteris for a purchase of a leasehold flat 9 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The quickest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Chatteris conveyancing specialists.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Chatteris is the location of the property. Can you offer any advice?
Flying freeholds in Chatteris are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chatteris you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chatteris may decide 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 premises.
I am tempted by the attractive purchase price for a couple of maisonettes in Chatteris both have about fifty years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Chatteris is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chatteris conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Chatteris - Examples of Queries Prior to buying
In the main the cost for major works are not incorporated into the service charges, albeit that a few managing agents in Chatteris obliged tenants to pay into a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance. What restrictions are there in the Chatteris Lease? Plenty Chatteris leasehold apartments will incur a service bill for maintenance of the block levied by the landlord. Should you purchase the flat you will have to pay this contribution, normally quarterly accross the year. This can vary from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a rentcharge to be met yearly, normally this is not a significant amount, say approximately £25-£75 but you need to enquire as sometimes it can be many hundreds of pounds.
How much will conveyancing in Chatteris cost?
The total sum levied for conveyancing in Chatteris are likely to be calculated at:
- a set charge; or
- an hourly rate (i.e. the time spent on the particular case).
In reality you seldom hear of Chatteris conveyancing companies charge on time basis