Am I correct in assuming that the fact that my solicitor in New Inn is not listed on my mortgage company's solicitor panel that there is a problem with the quality of her work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the New Inn conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
We see that you have a search directory identifying law firms on the Coventry BS conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in New Inn?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in New Inn.
I am buying my first flat in New Inn benefiting from help to buy. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The estate agent told me not disclose to my lawyer about this deal as it would impact my mortgage with Bank of Ireland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. New Inn is the location of the property. Can you shed any light on this issue?
Flying freeholds in New Inn are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in New Inn you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Inn 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.
My partner has urged me to instruct his conveyancers in New Inn. Should I choose my own property lawyer?
Much as we are happy to recommend a New Inn conveyancing lawyer it’s preferable to select a conveyancing practitioner is to get referrals from friends or family who have previously instructed the firm you're are thinking of instructing.
I am looking at a couple of flats in New Inn both have approximately forty five years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold apartment in New Inn is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with New Inn conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a split level flat in New Inn, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in New Inn with over 90 years remaining are worth £165,000. The ground rent is £50 yearly. The lease terminates on 21st October 2102
With 77 years unexpired we estimate the price of your lease extension to be between £7,600 and £8,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to 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.