We wanted to use a property lawyer in Bacup for our house move. Our broker has since advised us that our mortgage company Virgin Money won't deal with them. Why is this not regarded as unfair competition?
Banks ordinarily imposes restrictions either the type or the number of conveyancing practices on their panel. A common example of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, some have decided to limit the amount of firms they use to act for them. You should note that Virgin Money have no responsibility for the quality of advice provided by any member of Virgin Money Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there are mixed views concerning the extent of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that hundreds of law firms, including some in or near Bacup only conduct very few conveyances a year.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The conveyancers who conducted the conveyancing in Bacup 5 years ago no longer exist. Will I be able to sell the house?
Gone are the days when you need to have the physical original deeds to prove you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
I am looking for a leasehold apartment up to £245,000 and identified one close by in Bacup I like with open areas and railway links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Bacup suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
How can the Landlord & Tenant Act 1954 impact my business premises in Bacup and how can you help?
The 1954 Act affords protection to business lessees, giving them the right to apply to court for a renewal tenancy and continue in occupation at the end of an expired lease. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and assist with commercial conveyancing in Bacup
I need to appoint a conveyancing solicitor for leasehold conveyancing in Bacup. I happened to land on a web site which appears to be the perfect offering If it is possible to get all the legals done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold property in Bacup. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Bacup - A selection of Queries Prior to buying
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Is there a share of the freehold? If a Bacup lease has less than eighty years it will affect the marketability of the apartment. Check with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the property for two years in order to be legally able to exercise a lease extension. Best to be warned if window replacement or some other major work is coming up that will be shared by the leasehold owners and could well dramatically increase the the service costs or require a specific invoice.