Unfortunately I am unable to travel far from Yelverton. Please clarify why all Yelverton lawyers are not on all lender panels?
As inequitable as it may appear for banks to restrict who can act for them, from the public’s or solicitor’s standpoint, the the contrary view is that mortgage companies are increasingly anxious and feel it crucial to protect them against mortgage fraud. As a result of this concern mortgage companies are limiting their conveyancing panel to a size that they are happy to control.
Due to the encouragement of my in-laws I had a survey completed on a property in Yelverton prior to retaining lawyers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks tend refuse to give a mortgage on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. If you call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Yelverton. Conveyancing will be smoother if you use a solicitor in Yelverton especially if they regularly deal with such properties in Yelverton.
Should I go with a Yelverton conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can perform the legal work but they are based 300kilometers away.
The benefit of a local Yelverton conveyancing firm is that you can pop in to sign paperwork, hand in your identification documents and pester them if necessary. Having local Yelverton know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and they were happy that should outweigh using an unknown Yelverton conveyancing solicitor solely due to them being round the corner.
I am on look out for some leasehold conveyancing in Yelverton. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Yelverton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a basement flat in Yelverton, conveyancing having been completed in 2011. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Yelverton with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2094
With 71 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should 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. Please do not take any other action placing reliance on this information without first getting professional advice.
Estate agents have just been given the go-ahead to market my basement apartment in Yelverton.Conveyancing lawyers have not yet been instructed but I have recently had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the maintenance contribution as usual because all ground rent and service charges will be apportionedon completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially