I am six weeks into the sale of my ground floor flat in Allenton and the EA has just e-mailed to advise that the purchasers are switching law firm. The excuse is that the mortgage company will only work with solicitors on their approved list. On what basis would a big named mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Allenton ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been tightened 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 claims that 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. The purchasers are unlikely to have any impact on this.
My home in Allenton is up for sale and I have accepted an offer. Will my conveyancing practitioner have to be on the Coventry BS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Coventry BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
My partner and I are downsizing from our property in Allenton and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A high street Allenton conveyancer would know this is not the case. It does beg the question why the purchasers used a national conveyancing outfit rather than a conveyancing solicitor in Allenton. We have lived in Allenton for 4 years we know of no issue. Do we contact our local Authority to seek confirmation need.
It would appear that you have a conveyancing firm already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
four months have elapsed since my purchase conveyancing in Allenton completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build apartment in Allenton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Allenton
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Do you have any advice for leasehold conveyancing in Allenton with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Allenton can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ representatives. A minority of Allenton leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 service charge figures so that they can pass this information on to the purchasers or their lawyers. The majority of freeholders or Management Companies in Allenton levy fees for providing management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Allenton. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Allenton state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such alterations. Where you fail to have the consents to hand do not contact the landlord without contacting your solicitor before hand.
I own a leasehold flat in Allenton, conveyancing having been completed 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Allenton with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2100
You have 74 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.