My wife and I are buying a 2 bedroom flat in Quinton with a mortgage. We like our Quinton solicitor, however the mortgage company advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Quinton solicitor as well as pay for one of their panel lawyers to act for them. We regard this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Quinton conveyancing lawyer to apply to be on the conveyancing panel.
I am acquiring a house without a mortgage in Quinton. I have lived for the previous 15 years in Quinton. Conveyancing searches are a lot of money. Given that I know the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a mortgage, then the vast majority of the Quinton conveyancing searches are non-obligatory. Your solicitor will 'advise', perhaps strongly, that you should have searches completed, but she is duty bound to take that path of advice. One thing to bear in mind; if you are going to sell the house in the future, it will likely be be of relevance to your future buyer what the searches determine. On occasion houses with functional issues can still show up unpredicted search results. A competent conveyancing solicitor in Quinton will provide you some constructive guidance in this regard.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would prefer to use a Quinton based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel lawyers should you accept the "fee-free" incentive. Contact the bank to explore if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Quinton.
I have been on the look out for a flat up to £245,000 and found one close by in Quinton I like with a park and railway links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Quinton suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I am attracted to a two maisonettes in Quinton both have about 50 years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Quinton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Quinton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a 2 bed flat in Quinton, conveyancing formalities finalised March 2002. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Quinton with an extended lease are worth £211,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2089
With only 67 years left to run the likely cost is going to range between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.