We are intending to purchase a 2 bedroom apartment in Gainsborough with a mortgage. We like our Gainsborough lawyer, but the bank says he's not on their "panel". It appears that we have no option but to instruct one of the lender panel firms or retain our Gainsborough property lawyer and pay for one of their panel ones to represent them. This seems very unfair; are we not able to demand that the mortgage company use our Gainsborough conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Gainsborough conveyancing solicitor to apply to be on the conveyancing panel.
In the event thatI was to acquire a simple residential homein Gainsborough for cash and dispense with a survey and no local authority searches how much would I expect to have to pay for conveyancing in Gainsborough?
Any savings you would achieve would be limited to the Gainsborough conveyancing searches. The property lawyer still be obliged to do everything else - money laundering, correspond with your sellers solicitor, SDLT return, register the title etc. A slight saving might be made by not having to register a mortgage however it won't be significant.
Are there restrictive covenants that are commonly picked up during conveyancing in Gainsborough?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Gainsborough. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Gainsborough I like with a park and railway links in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Gainsborough for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Having checked my lease I have discovered that there are only Fifty years remaining on my lease in Gainsborough. I now want to extend my lease but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. In some cases a specialist would be useful to try and locate and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Gainsborough.
I am the registered owner of a ground floor flat in Gainsborough, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Gainsborough with a long lease are worth £195,000. The ground rent is £45 yearly. The lease ceases on 21st October 2082
With only 63 years left to run the likely cost is going to range between £16,200 and £18,600 plus 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 due diligence. 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 you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.