I have just been advised by my broker that my St Austell solicitor is not on the lender Conveyancing panel. What can I do to be sure whether this is correct?
Your first step should be to contact your St Austell lawyer directly. You lawyer should notify you of the situation. Where they are not on the panel they may be able to suggest a St Austell conveyancing firm that is on the approved list of lawyers for your lender.
five months have gone by since my purchase conveyancing in St Austell concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a house in St Austell ahead of retaining lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies tend not grant a loan on a flying freehold premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in St Austell. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Austell to see if the conveyancing will be more expensive.
I am employed by a long established estate agent office in St Austell where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local St Austell conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a ground floor flat in St Austell, conveyancing having been completed in 2012. How much will my lease extension cost? Equivalent properties in St Austell with over 90 years remaining are worth £201,000. The ground rent is £45 levied per year. The lease expires on 21st October 2089
With 64 years remaining on your lease we estimate the premium for your lease extension to span between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered 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 without first seeking the advice of a professional.
How easy is it to change a solicitor as I need to find a St Austell based one who is on the bank conveyancing panel. Is it advisable to appoint a new law firm?
In the event that you have not formally instructed a solicitor to start work and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in St Austell that you're considering.