Me and my fiance are purchasing property in Maryport. My Conveyancer is not on the bank solicitor panel. Am I still permitted to use my Maryport conveyancing solicitor even though they are not on the lender list of approved lawyers?
You have a couple of choices open to you here
- Carry on with your existing Maryport property lawyer but your lender will need to retain a conveyancer on their approved panel. This will result in additional charges together with probable delay.
- Choose a fresh solicitor to conduct the conveyancing, obviously checking they are on the lender conveyancing panel.
- Appeal to your lawyer to attempt to join the mortgage company panel
Are the BSA planning on creating a search tool with a view to to identify solicitors on the Melton Mowbray Building Society conveyancing panel for example in Maryport?
We have not been informed any intention on the part of the BSA to develop such a search facility.
I have justfound out that Arc property Solicitors have been shut down. They conducted my conveyancing in Maryport for a purchase of a leasehold flat 12 months ago. How can I establish that the property is registered correctly in the name of the former proprietor?
The easiest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Maryport conveyancing specialists.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Maryport is the location of the property. Can you offer any opinion?
Flying freeholds in Maryport are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Maryport you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Maryport may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am tempted by the attractive purchase price for a couple of maisonettes in Maryport which have approximately 50 years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
I own a garden flat in Maryport, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Maryport with a long lease are worth £260,000. The ground rent is £45 yearly. The lease terminates on 21st October 2096
With just 75 years unexpired the likely cost is going to span between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.