My partner and I are planning to buy a property in Knottingley and are in fact using a Knottingley conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this evening contacted us to advise us that they have now hit a problem as our Knottingley solicitor is not on their approved list of lawyers. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Knottingley lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Due to the encouragement of my in-laws I had a survey completed on a property in Knottingley in advance of appointing lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some banks may not give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Knottingley. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I go with a Knottingley conveyancing solicitor who is local to the property I am purchasing? An old friend can conduct the legal formalities but his firm is located 200kilometers drive away.
The benefit of a local Knottingley conveyancing practice is that you can drop in to execute paperwork, present your identification documents and pester them where appropriate. Having local Knottingley know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and they were content that should trump using an unknown Knottingley conveyancing solicitor solely due to them being round the corner.
I am looking at a two apartments in Knottingley both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Knottingley is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with under 75 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 premises 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 a residence 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 Knottingley 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. 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 acquired a garden flat in Knottingley, conveyancing having been completed December 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Knottingley with a long lease are worth £179,000. The ground rent is £65 invoiced annually. The lease ceases on 21st October 2076
With just 57 years left to run we estimate the price of your lease extension to span between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide 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 concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
My fiance is purchasing a studio flat in Knottingley. He has received an estimate by the lawyer recommended by the estate agents and it came to £1385 . It was seven years ago I sold and purchased a house and the fee was £just under six hundred pounds. Have fees really escalated to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for example Knottingley searches, land registry fees, etc)