I am selling my ground floor flat in Brundall and the EA has just called to warn that the purchasers are swapping law firm. The excuse is that the bank will only work with property lawyers on their approved list. Why would a major mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Brundall ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
I have been told that property searches are the main cause of obstruction in Brundall conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Brundall.
I have todaybecome aware that Action Conveyancing have been shut down. They carried out my conveyancing in Brundall for a purchase of a leasehold flat 9 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest method to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Brundall conveyancing specialists.
How can the Landlord & Tenant Act 1954 impact my business property in Brundall and how can you help?
The 1954 Act gives a safeguard to business leaseholders, giving them the legal entitlement to apply to court for a new lease and continue in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Brundall is one of the numerous areas of the UK in which our lawyers are based
I am tempted by the attractive purchase price for a two maisonettes in Brundall which have in the region of fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Brundall. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
I am the registered owner of a 1 bedroom flat in Brundall, conveyancing was carried out in 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Brundall with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2100
With just 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" 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 without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
I am purchasing a property and require a conveyancing solicitor in Brundall who is on the bank conveyancing panel. Can you recommend a Brundall or local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the bank who carry out conveyancing in Brundall. We dont recommend any particular firm.