My wife and I are hoping to acquire a property in Minehead and are in fact using a Minehead conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. TSB have this morning contacted us to inform me that there is now an issue as our Minehead solicitor is not on their conveyancing panel. Please explain?
If you are buying a property needing 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 Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Minehead solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My brother-in-law has suggested I instruct a conveyancing solicitor in Minehead. I need to find out whether they are on the Bank of Ireland approved list of lawyers. Can you assist?
The first thing to do is call your solicitor and ask them if they can act for the lender. Alternatively you can call Bank of Ireland who may be able to help.
I own a terraced Georgian property in Minehead. Conveyancing lawyer acted for me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the exact same address. I'd like to know for sure, how can I find out??
You should 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 Minehead and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing practitioner who conducted the purchase.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Minehead I like with a park and transport links in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Minehead suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £300,000 maisonette in Minehead next Monday. The landlords agents has quoted £396 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Minehead?
Minehead conveyancing on leasehold apartments ordinarily results in administration charges levied by landlords agents :
Completing pre-contract questions
Where consent is required before sale in Minehead
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I bought a garden flat in Minehead, conveyancing was carried out March 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Minehead with a long lease are worth £202,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2074
With just 56 years unexpired we estimate the price of your lease extension to span between £29,500 and £34,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.