Why is leasehold purchase conveyancing in Rugby is more expensive?

Rugby leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

My stepmother pointed out to me me that in buying a property in Rugby there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?

We are aware of anumerous of properties in Rugby which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Rugby should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

is it true that all Rugby solicitor firms on the Bank of Ireland conveyancing panel are overseen by the SRA?

As a firm of solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some lenders do list licenced conveyancers on their panel in which case such firms would be overseen by the CLC.

I am buying a property in Rugby. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Barclays be concerned?

As you are obtaining a mortgage with Barclays your lawyer must check the conveyancing instructions set out in Section two of UK Finance Lenders’ Handbook for Barclays. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Barclays where a lease does not meet these requirements. The conditions relate to the installation of panels on properties in England and Wales and is not restricted to Rugby.

I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Rugby is the location of the property. Can you shed any light on this issue?

Flying freeholds in Rugby are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rugby you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rugby may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

Expecting to exchange soon on a leasehold property in Rugby. Conveyancing solicitors inform me that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Rugby should include some of the following:

Where does the liability rest to repair and maintain the block. It is important for you to know who is liable for the repair and maintenance of every part of the building Setting out your legal entitlements in respect of common areas in the block.For instance, does the lease contain a right of way over an accessway or hallways? Will you be prohibited or prevented from having pets in the property? Changes to the flat Repair and maintenance of the flat

I purchased a studio flat in Rugby, conveyancing formalities finalised August 2005. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Rugby with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2075

With only 50 years remaining on your lease 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 in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

Do banks and building societies provide you with an approved list of Rugby solicitors? How do you know who is on the bank conveyancing panel?

Rugby firms and firms carrying out conveyancing in Rugby themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the lender directly.