My husband and I are hoping to acquire a flat in Beddau and are in fact using a Beddau conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Beddau lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Beddau solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We note that you have a search directory identifying law firms on the Aldermore conveyancing panel. Do companies pay you a referral fee if I retain them for our conveyancing in Beddau?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Beddau.
four months have elapsed following my purchase conveyancing in Beddau concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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 premises 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Beddau I like with open areas and transport links nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Beddau suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan that many years will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
Is it simple use your search facility to select a conveyancing solicitor in Beddau on the authorised to act for my bank?
Step one is to pick a mortgage company such as Accord Mortgages Ltd, The Mortgage Works or Bank of Ireland then specify your location e.g. Beddau. Conveyancing organisations in Beddau and further afield will then be identified.
Do you have any top tips for leasehold conveyancing in Beddau with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Beddau can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers. Some Beddau leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the buyers or their lawyers. You believe that you know the number of years left on your lease but you should double-check via your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. The majority of freeholders or Management Companies in Beddau levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Beddau.
I purchased a 1 bedroom flat in Beddau, conveyancing was carried out in 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Beddau with over 90 years remaining are worth £170,000. The ground rent is £50 per annum. The lease terminates on 21st October 2103
With just 78 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns 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.