What is the difference between a licensed conveyancer and conveyancing solicitor in North Hykeham

There are many registered licenced Conveyancers in North Hykeham and Solicitor practices in North Hykeham offering conveyancing We would stress that the two are regulated professionals specialising in the legal aspects of transferring property. They may both also conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.

is it true that all North Hykeham solicitor practices on the Virgin Money conveyancing panel are governed by the Solicitors Regulatory Authority?

As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be governed by the SRA. Some banks do list licenced conveyancers on their panel and in such a situation the firms would be regulated by the CLC.

Our offer on a detached house in North Hykeham has been accepted, the vendors do nevertheless have a tied purchase. The vendors have offered on on an apartment, but it’s not been accepted yet, and have viewings of other apartments booked. I have selected a bricks and mortar conveyancing solicitor in North Hykeham. What do I do now? At what stage do I apply for the mortgage with Santander?

It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of one thousand pounds, then valuation, North Hykeham conveyancing search fees, etc). The first thing to do is check that your conveyancer is on the Santander approved list. Concerning the subsequent phase this very much depends on the uniqueness of your case, desire for the property and on the state of the market. During a rising market some buyers would apply for a home loan with Santander and pay for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to press on with searches.

I have been told that property searches are a common cause of delay in North Hykeham house deals. Is there any truth in this?

The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in North Hykeham.

I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. North Hykeham is the location of the property. Is there any advice you can give?

Flying freeholds in North Hykeham are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Hykeham you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Hykeham 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 residence.

In surfing the world wide web for the phrase conveyancing in North Hykeham it shows results of many conveyancersin the vicinity. With so much choice what is the best way to find the suitable conveyancer for purchase transaction?

The ideal method of seeking the right conveyancer is via personal referral, so enquire of friends and those you trust who have acquired a property in North Hykeham or a reputable estate agent or financial adviser. Charges for conveyancing in North Hykeham differ, so it's advisable to obtain at least three quotes from different property lawyers. Make sure that you clarify that the fees are fixed.

When it comes to leasehold conveyancing in North Hykeham what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in North Hykeham. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

A duty to insure the building

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Leeds Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

I am the registered owner of a 1 bedroom flat in North Hykeham, conveyancing formalities finalised April 2005. Can you work out an approximate cost of a lease extension? Comparable flats in North Hykeham with over 90 years remaining are worth £191,000. The ground rent is £55 yearly. The lease terminates on 21st October 2080

With 54 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.