My fiance and I are hoping to buy a flat in Wolverley and have appointed a Wolverley conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Accord Mortgages Ltd have this evening contacted us to inform me that there is now an issue as our Wolverley conveyancer is not on their conveyancing panel. Please explain?
Where you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors 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 property lawyer should contact your lender 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 Wolverley lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I purchased a freehold premises in Wolverley but nevertheless charged rent, why is this and what is this?
It is rare for properties in Wolverley and has limited impact for conveyancing in Wolverley but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Wolverley I like with a park and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Wolverley in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Hoping to buy a property located in Wolverley and I am already nervous. I couldn't find anything specific about Wolverley. Conveyancing will be needed in due course but do you know about the Wolverley area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wolverley. In the meantime here are some basic statistics that we found
What makes a Wolverley lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Wolverley. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
Maintenance charge proportions which don’t add up to the correct percentage
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
I am the registered owner of a basement flat in Wolverley, conveyancing having been completed 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Wolverley with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2084
With only 65 years unexpired the likely cost is going to be between £13,300 and £15,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.