Is it the case that all Lymm CQS (Conveyancing Quality Scheme) solicitors are on the Bank of Ireland conveyancing list of approved firms?
Some major banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
We had appointed conveyancers locally in Lymm on the UBS solicitor approved list. They have just billed me an additional charge for the legal aspects of the UBS mortgage. Is this a supplemental conveyancing fee specified by UBS?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer can levy a fee for this. The fee is not set by UBS but by your Lymm lawyer. Plenty of firms on the UBS panel will levy ’dealing with mortgage’ fee but some practices include it on their overall fee.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Lymm building society branch on various occasions and was informed it wasn't a problem and they will lend. My Lymm conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancer is on the mortgage company panel, they must follow the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I purchased a renovated Edwardian property in Lymm. Conveyancing lawyer represented me and Birmingham Midshires. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the matching address. Is it worth asking Birmingham Midshires to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Lymm and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing practitioner who carried out the work.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Lymm. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lymm
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Lymm I like with a park and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Lymm for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I've found a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Lymm. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Lymm ?
The majority of houses in Lymm are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Lymm in which case you should be shopping around for a Lymm conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.
I am the registered owner of a ground floor flat in Lymm, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Lymm with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease finishes on 21st October 2079
With 60 years left to run we estimate the price of your lease extension to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs 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 should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.