Can you explain why leasehold purchase conveyancing in Shenley Brook End is more expensive?
Shenley Brook End leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My apartment in Shenley Brook End is up for sale and I have accepted an offer. Will the property lawyer need to be on the Coventry BS conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
The deeds to my property are lost. The lawyers who handled the conveyancing in Shenley Brook End 5 years ago are no longer around. What do I do?
As long as you have a registered title the information relating to your ownership will be recorded by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, locate your house and secure up to date copies of the property title for a small fee. If the title is Leasehold then the Land Registry will in most cases hold a file copy of the Registered Lease and again, a copy can be obtained for a small fee.
I have recently realised that I have 62 years remaining on my lease in Shenley Brook End. I am keen to get lease extension but my freeholder is absent. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to find the lessor. On the whole a specialist should be useful to conduct investigations and prepare a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court covering Shenley Brook End.
I am the registered owner of a split level flat in Shenley Brook End, conveyancing formalities finalised May 2004. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Shenley Brook End with an extended lease are worth £201,000. The ground rent is £45 yearly. The lease terminates on 21st October 2086
You have 65 years remaining on your lease we estimate the price of your lease extension to range between £13,300 and £15,400 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 comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account 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.
My partner and I are acquiring a ground floor flat in Shenley Brook End. When we first instructed property lawyer, they told us that they were on all mainstream mortgage company panels. Our financial adviser emailed yesterday to say that they don't appear to be on the Aldermore approved list. If it turns out to be true, what should we do? Do we just choose a new conveyancing practitioner that is on their approved list or should we cover the costs for dual representation, with Aldermore appointing their own approved solicitor.
Where you are acquiring a property requiring a mortgage it is usual for the purchaser’s lawyers to also act for the mortgage company. In order to act for a bank or building society a conveyancer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the lawyer has to satisfy. Some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your lawyer should call Aldermore and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on Aldermore's conveyancing panel as you are at liberty to use your preferred Shenley Brook End lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.