I am in the process of selling my ground floor flat in Ackworth and the EA has just telephoned to warn that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to select for their conveyancing in Ackworth ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
Can the conveyancing solicitors that are recommend conduct auction conveyancing in Ackworth?
We know of a few auction practitioners we can connect you with those specialising in auction conveyancing. Ackworth is one of our areas of in which our lawyers have offices.
Do lawyers ask for money on account for my conveyancing in Ackworth?
Where you are retaining lawyers for conveyancing in Ackworth your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the Local Authority Search. If any deposit is payable against the sale price then this will be required shortly prior to exchange of contracts. The final balance that is due should be transferred a couple of days ahead of the day of completion.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who conducted the conveyancing in Ackworth 4 years ago are no longer around. Will I be able to sell the house?
Assuming you have a registered title the details of your ownership will be documented by HMLR under a Title Number. It is possible to conduct a search at the Land Registry, identify your property and order up to date copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will in most cases retain a file duplicate of the Registered Lease and again, a copy can be ordered for a small fee.
I have been on the look out for a leasehold apartment up to £305k and identified one near me in Ackworth I like with open areas and transport links in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Ackworth in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I am on look out for some leasehold conveyancing in Ackworth. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Ackworth - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I own a ground floor flat in Ackworth, conveyancing having been completed September 1998. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Ackworth with an extended lease are worth £175,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2083
With only 58 years left to run we estimate the premium for your lease extension to be between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. 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 take any other action placing reliance on this information without first seeking the advice of a professional.