My husband and I are hoping to acquire a flat in Truro and are in fact using a Truro conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Skipton Building Society have this morning contacted us to advise us that there is now an issue as our Truro solicitor is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. 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 property lawyer should contact your mortgage company 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Truro lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Will commercial conveyancing searches reveal proposed roadworks that may impact a commercial land in Truro?
Its becoming the norm that commercial conveyancing solicitors in Truro will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Truro. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Truro.
For each commercial conveyancing transaction in Truro it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can result in delays to Truro commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Truro.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Truro I like with amenity areas and transport links in the vicinity, however it only has 49 years on the lease. There is not much else in Truro for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I have been pointed in your direction by numerous property agents in Truro to locate a conveyancer using your seach tool. Is there a financial incentive for Estate Agents to offer your lawyers over and above a competitor’s?
We don’t give any financial incentive for directing people to this site. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Having checked my lease I have discovered that there are only 68 years unexpired on my flat in Truro. I now wish to extend my lease but my landlord is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. On the whole a specialist may be helpful to try and locate and to produce a report to be used as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Truro.
I own a 1 bedroom flat in Truro, conveyancing having been completed 3 years ago. How much will my lease extension cost? Equivalent properties in Truro with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced annually. The lease runs out on 21st October 2082
You have 59 years remaining on your lease we estimate the premium for your lease extension to range between £20,900 and £24,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.