My IFA has requested my North Hykeham solicitor’s panel reference for the Nationwide conveyancing panel. What is the best way to obtain this. I have e-mailed my local North Hykeham office but they have not responded to me.
You are best placed to get this information from your North Hykeham conveyancer . Most North Hykeham conveyancing practices will keep a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each mortgage company.
I own a freehold property in North Hykeham but nevertheless pay rent, why is this and what is this?
It is rare for properties in North Hykeham and has limited impact for conveyancing in North Hykeham 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
My bank has recommended solicitors on their panel based in North Hykeham but I would rather instruct a conveyancing lawyer in North Hykeham or nearer to where I live. Can you assist?
Not all North Hykeham conveyancing solicitors are on all lender’s conveyancing panel. Please make the most of the above search tool to locate a North Hykeham conveyancing conveyancer on the on the bank panel.
How does conveyancing in North Hykeham differ for new build properties?
Most buyers of new build property in North Hykeham approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because builders in North Hykeham usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in North Hykeham or who has acted in the same development.
I am a negotiator for a long established estate agency in North Hykeham where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local North Hykeham conveyancing firms. Could you shed some light as to whether the owner of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 own a 2 bed flat in North Hykeham, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in North Hykeham with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2080
With only 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 plus 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 supply the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.