I am nearing exchange of contracts for my house in Hilsea and the EA has just called to advise that the purchasers are switching property lawyer. The reason given is that the bank will only work with property lawyers on their approved list. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to select for their conveyancing in Hilsea ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders justify this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
I own a freehold house in Hilsea but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Hilsea and has limited impact for conveyancing in Hilsea but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I need some quick conveyancing in Hilsea as I have pressure to exchange contracts within 4 weeks. Fortunately I do not require a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are are a mortgage free purchaser you have the choice not to do searches although no solicitor would suggest that you don't. With plenty of history conveyancing in Hilsea the following are examples of issues that can show up and adversely impact market value: Enforcement Notices, Overdue Charges, Overdue Grants, Road Schemes,...
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Hilsea I like with open areas and railway links in the vicinity, however it's only got 49 years on the lease. There is not much else in Hilsea suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months 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 regarding this matter.
I am tempted by the attractive purchase price for a couple of maisonettes in Hilsea both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Hilsea. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area.
I purchased a studio flat in Hilsea, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Hilsea with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2078
With 59 years remaining on your lease we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.