My partner and I are planning to acquire a property in St Agnes and are in fact using a St Agnes conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Clydesdale have this afternoon contacted us to inform me that there is now an issue as our St Agnes conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank 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 the bank's conveyancing panel as you are at liberty to use your preferred St Agnes lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Would the conveyancing lawyers via your comparison service perform conveyancing in St Agnes by way of an attended exchange?
We do have a number of conveyancing experts who can conduct attended exchanges. Do e-mail us to receive a costs illustration and details as to availability.
Why is leasehold purchase conveyancing in St Agnes is more expensive?
St Agnes 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.
The deeds to my home are lost. The lawyers who handled the conveyancing in St Agnes 4 years ago have long since closed. What are my next steps?
As long as the title is registered the information relating to your ownership will be evidenced by HMLR with a Title Number. It is easy to conduct a search at the Land Registry, find your property and order up to date copies of the Registered Entries for less than a fiver. If the property is Leasehold then the Land Registry will usually hold a certified duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
I've recently bought a leasehold property in St Agnes. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a leasehold flat in St Agnes, conveyancing formalities finalised in 1997. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in St Agnes with a long lease are worth £206,000. The ground rent is £45 per annum. The lease finishes on 21st October 2088
You have 67 years remaining on your lease we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.