When reading moneysavingexpert.com for a recommended solicitor in Driffield, many advise that I must look for a CQS accredited lawyer. Can you explain what CQS is?
Driffield Conveyancing Quality Scheme practices have obtained certification by the law Society CQS was established to establish evidence of quality standards in the in the legal transfer of properties. CQS enables home movers to identify practices that provide a quality residential conveyancing. Driffield is one of locations in England and Wales in which accredited firms are based. The conveyancing scheme requires practices to undergo a strict assessment, compulsory training, self-certification, random audits and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
We were going to get a DIP from Coventry BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Driffield solicitors on the Coventry BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Driffield solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Driffield conveyancer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society 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 Leeds Building Society mortgage from the register. Leeds Building Society, 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 Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
The formalities of my purchase has taken place for my property in Driffield. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
What does a local search inform me regarding the property my wife and I buying in Driffield?
Driffield conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Searches UK The local search plays an important part in many a Driffield conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I'm remortgaging my primary property to a buy to let mortgage with Bank of Scotland and intend to use the remaining equity towards another property. The area we are talking about is Driffield. Will your conveyancers be able to act for the two lenders and tie in the transactions?
Make use of our search tool on this site to ensure that the lawyers are approved by both lenders. On the basis that they are the conveyancer should be able to tie up the two transactions but you should have a chat with you conveyancer and specify your expectations and requirements.
I am tempted by the attractive purchase price for a couple of apartments in Driffield both have in the region of 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Driffield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and banks, leases with under eighty years become less and less attractive. On a more positive 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 Driffield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I purchased a split level flat in Driffield, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Driffield with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease comes to an end on 21st October 2073
You have 55 years left to run we estimate the price of your lease extension to span between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.