We are buying our first house. Our conveyancer has calledto ask if we wish to order extra conveyancing searches. We are really unsure what's appropriate for conveyancing in Southport
The type of Southport conveyancing searches should be dictated entirely on the property, the location, the probability of any of these risks, your familiarity of the area and risks, your general approach to risk. What is important is that you properly appreciate what information each search could give you. You may then make a decision if you consider that you need that information. Should you be uncertain, ask the property lawyer to provide guidance.
Why do I have to pay up front for my conveyancing in Southport?
If you are buying a property in Southport your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the sale price then this should be asked for shortly prior to exchange of contracts. Any further balance that is due will be payable shortly before completion.
I have decided to exercise my right to buy my property in Southport off the council. I have a mortgage offer with Coventry BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Southport building society branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Southport conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
Provided that the conveyancer is on the bank approved list, she or he must adhere to the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Skipton have agreed my mortgage in principle, my bid on a apartment in Southport has been accepted, what happens next?
The property agent will want to be advised as to your conveyancer's details (be sure the conveyancing practitioners are on the lender’s approved list). Telephone Skipton or the financial adviser and complete any relevant forms. Skipton will sellect a valuer who will get in contact with the estate agent or seller to arrange a time for the valuation to occur. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Skipton will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Southport.
My wife and I purchased a semi-detached Victorian property in Southport. Conveyancing lawyer represented me and Skipton Building Society. 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 matching address. Is it worth asking Skipton Building Society to clarify?
You should assess 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southport and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who conducted the conveyancing.
Back In 2006, I bought a leasehold house in Southport. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Southport who previously acted has now retired. What should I do?
The first thing you should do is contact the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Southport conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a leasehold flat in Southport, conveyancing having been completed in 2003. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Southport with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2099
With just 80 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.