I am the sole recipient of my late mum's estate and I have everything in my name alone, including the house in Penley. The Penley property was put into my name in December. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the house in December. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view banks take of it, depend on the mortgage company as this obligation primarily exists to pick up on subsales or the flipping of property.
Can you point me to a directory of Bank of Ireland panel conveyancers in Penley on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings available online. If you are in need of a Penley lawyer on the Bank of Ireland please make the most of our facility.
Is it the case that all Penley solicitors on the Virgin Money conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Virgin Money conveyancing panel they would need to be overseen by the SRA. Some mortgage companies do list licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
What can a local search reveal regarding the property my wife and I purchasing in Penley?
Penley conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search is essential in every Penley conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I have been on the look out for a flat up to £195,000 and found one near me in Penley I like with a park and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Penley suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could 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 current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
How simple is it to use the search tool to locate a conveyancing solicitor in Penley on the authorised to act for my bank?
1st choose a lender such as Yorkshire Building Society, Bank of Scotland or Alliance & Leicester then specify your location such as Penley. Conveyancing firms in Penley and nationally will then be shown.
My wife and I purchased a leasehold house in Penley. Conveyancing and Clydesdale mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Penley who previously acted has now retired. Do I pay?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to instruct a Penley conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a garden flat in Penley, conveyancing was carried out 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Penley with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2093
With 67 years left to run the likely cost is going to range between £10,500 and £12,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.