Am I correct in assuming that the fact that my conveyancer in Benton is not listed on my lender's conveyancing panel that there is a problem with the quality of her work?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Benton conveyancing practice and ask them why they are no longer on the approved list for your bank.
I am acquiring a new build apartment in Benton and my conveyancer is telling me that she is duty bound to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am the registered owner of a freehold property in Benton but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Benton and has limited impact for conveyancing in Benton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I used Wolstenholmes a few years ago for my conveyancing in Benton. Now, I need the documents but the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Benton of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm buying my first flat in Benton benefiting from help to buy. The developers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about the side-deal as it could put at risk my loan with Platform Home Loans Ltd. Is this normal?.
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.
I work for a reputable estate agency in Benton where we have experienced a number of flat sales derailed as a result of short leases. I have been given inconsistent advice from local Benton conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a 2 bed flat in Benton, conveyancing formalities finalised 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Benton with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2101
You have 76 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus 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 cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. 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. Please do not take any other action based on this information before getting professional advice.