My partner and I are acquiring residence in Clitheroe. My lawyer is not listed on the bank approved list. Can I still use my Clitheroe conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?

One must instruct a solicitor to deal with the formalities when you take out a mortgage to buy your home. The conveyancing practitioner will carry out all the essential investigations on the property, ensuring that you’re registered as proprietor and ensure that all the necessary mortgage documentation is in order. One could select a Clitheroe property lawyer of your choice. Nevertheless, if the conveyancing practitioner appointed is not on the lender solicitor panel additional fees will be levied as separate legal representation will be need by the lender. Conveyancing panel applications may be submitted, so provided your solicitor has not in the past applied for membership they should take the opportunity to apply.

I purchased a freehold property in Clitheroe but nevertheless pay rent, why is this and what is this?

It is rare for properties in Clitheroe and has limited impact for conveyancing in Clitheroe 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 date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.

Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.

How does conveyancing in Clitheroe differ for newly converted properties?

Most buyers of new build residence in Clitheroe approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Clitheroe usually buy 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 property lawyers 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 used to new build conveyancing in Clitheroe or who has acted in the same development.

Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Clitheroe is the location of the property. Is there any guidance you can impart?

Flying freeholds in Clitheroe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clitheroe you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clitheroe may ascertain 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 premises.

Do you have any advice for leasehold conveyancing in Clitheroe from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Clitheroe can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing. Some Clitheroe leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. Many landlords or managing agents in Clitheroe charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Clitheroe.

I bought a ground floor flat in Clitheroe, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Clitheroe with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease runs out on 21st October 2098

With 72 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.