We see that you have a search directory listing law firms on the Lloyds conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Shenley Church End?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Shenley Church End.
I am buying a property in Shenley Church End. One unusual aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Nottingham your lawyer must comply with the formal instructions set out in Section 2 of UK Finance Lenders’ Handbook for Nottingham. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Nottingham where a lease does not satisfy these requirements. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Shenley Church End.
My offer was accepted on an apartment in Shenley Church End on 16/10/2018, valuation was booked five days later, all came back fine. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to TSB and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the TSB conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
Lloyds have agreed my mortgage in principle, my bid on a flat in Shenley Church End has been accepted, now what?
Your property agent will need to be advised as to your solicitor's details (make sure the conveyancers are on the bank’s approved list). Call up Lloyds or your financial adviser and finalise any relevant documentation. Lloyds will appoint a valuer who will get in contact with the estate agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Lloyds will issue the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Shenley Church End.
I require quick conveyancing in Shenley Church End as I am under pressure to sign on the dotted line inside one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not taking a home loan you have the choice not to have searches conducted although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in Shenley Church End the following are examples of what can arise and adversely affect market value: Enforcement Actions, Overdue Charges, Overdue Grants, Unadopted Roads,...
My wife and I own a terraced Georgian house in Shenley Church End. Conveyancing solicitor acted for me and Leeds Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Shenley Church End and other areas of 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 enquire as to the position with the conveyancing solicitor who completed the work.
I am tempted by the attractive purchase price for a two apartments in Shenley Church End both have in the region of 50 years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Shenley Church End is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, 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 property 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 Shenley Church End conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Shenley Church End Leasehold Conveyancing - Sample of Questions you should consider before buying
You should be aware if it is less than 80 years it will impact the salability of the apartment. It is worth checking with your lender that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth finding out how much this would cost. Remember, in most cases you would be be obliged to have owned the residence for two years in order to be legally able to carry out a lease extension. Many Shenley Church End leasehold properties will incur a service bill for maintenance of the block levied on behalf of the freeholder. Where you purchase the property you will have to meet this liability, usually in instalments during the year. This may differ from a few hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent to be met annual, ordinarily this is not a significant sum, say about £25-£75 but you need to enquire it because occasionally it could be prohibitively expensive. It is important to be aware whether changing the roof or some other significant cost is coming up to be shared between the leasehold owners and will materially increase the the service fees or necessitate a one time payment.