It is a dozen years since I purchased my property in Liverpool. Conveyancing lawyers have now been retained on the sale but I can't find the deeds. Will this cause complications?
Don’t worry too much. First the deeds may be with your mortgage company or they may be in the possession of the conveyancers who acted in your purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in Liverpool relates to registered property but in the rare situation where your property is not registered it is more problematic but is resolvable.
I am buying a new build flat in Liverpool. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Liverpool you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Liverpool.
This question may be naive but I am new to the home moving as a first time buyer of a two bedroom flat in Liverpool. Do I collect the keys to the house on completion from my lawyer? If so, I will instruct a local conveyancing solicitor in Liverpool?
On the day of completion you will not be required to go to the conveyancers office in Liverpool. Your solicitors will arrange to send the purchase money to the owner’s conveyancers, and once they have received this, you will be able to pick up the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Liverpool property lawyer on the Nottingham panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham 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 Nottingham mortgage from the register. Nottingham, 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 Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by Bank of Ireland. Is it usual for Bank of Ireland to only issue the offer once my solicitor in Liverpool is approved on their conveyancing panel? Bank of Ireland have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Bank of Ireland to deal with your lawyer's application to be on the Bank of Ireland conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does the Landlord & Tenant Act 1954 impact my business property in Liverpool and how can you help?
The particular law that you refer to affords protection to commercial leaseholders, granting the legal entitlement to apply to court for a renewal lease and remain in occupation at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Liverpool
When it comes to leasehold conveyancing in Liverpool what are the most frequent lease problems?
Leasehold conveyancing in Liverpool is not unique. All leases are individual and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
Maintenance charge proportions which don’t add up to the correct percentage A provision for the recovery of money spent for the benefit of another party.
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I invested in buying a 1st floor flat in Liverpool, conveyancing formalities finalised 9 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Liverpool with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2073
With just 54 years unexpired the likely cost is going to be between £32,300 and £37,400 plus 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 supply the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.