My wife and I are planning to acquire a home in Broxbourne and have appointed a Broxbourne conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Platform Home Loans Ltd have this evening contacted us to inform me that there is now an issue as our Broxbourne solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also act for 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 Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Broxbourne lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
Do banks and building societies provide you with an approved list of Broxbourne conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Broxbourne conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
My wife and I are buying a flat in Broxbourne. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to deposit our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We are getting a further advance on our home loan from Coventry BS as we wish to conduct a loft conversion to our house in Broxbourne. Do we need to select a local Broxbourne solicitor on the Coventry BS conveyancing panel to deal with the legals?
Coventry BS do not ordinarily require firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS panel.
The mortgage over my property is with Kent Reliance for my property in Broxbourne. Conveyancing has been completed some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel firm.
four months have elapsed following my purchase conveyancing in Broxbourne completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 asset 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.
I am buying a new build apartment in Broxbourne. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Broxbourne
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I only have Sixty One years left on my flat in Broxbourne. I need to extend my lease but my landlord is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. On the whole a specialist may be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court covering Broxbourne.
I acquired a 1st floor flat in Broxbourne, conveyancing having been completed in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Broxbourne with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2092
You have 66 years remaining on your lease we estimate the premium for your lease extension to be between £11,400 and £13,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.