I am in the process of selling my maisonette in Bury St Edmunds and the estate agent has just e-mailed to say that the purchasers are switching solicitor. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only work with specific lawyers rather the firm that they want to select for their conveyancing in Bury St Edmunds ?
Banks have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened 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 claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any impact on this.
I own a freehold premises in Bury St Edmunds but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Bury St Edmunds and has limited impact for conveyancing in Bury St Edmunds 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We are selling our apartment in Bury St Edmunds. Will the conveyancer need to be required to be on the Barclays conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
Me and my brother have a renovated Edwardian property in Bury St Edmunds. Conveyancing lawyer represented me and Platform Home Loans Ltd. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the matching property. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bury St Edmunds and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing lawyer who completed the work.
I'm remortgaging my existing home to a BTL mortgage with Alliance & Leicester and intend to use the remaining equity as a deposit on a second house. The location we are talking about is Bury St Edmunds. Will your lawyers be able to act for both sets of lenders and link together the two deals?
Do use our search tool on this site to ensure that the conveyancers are on the appropriate lender panels. Having checked that they are the conveyancer should be able to connect the two conveyancing matters but you should talk with you solicitor and communicate your expectations and needs.
Expecting to exchange soon on a leasehold property in Bury St Edmunds. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Bury St Edmunds should include some of the following:
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Ground rent - what is due and what the invoice dates are, and be on notice if this will change in the future Responsibility for repairing the window frames Specifying your legal entitlements in relation to common areas in the block.For instance, does the lease grant a right of way over a path or staircase? An explanation concerning the obligations in the lease to pay service charges - in relation to the building, and the more general rights a tenant enjoys You must be advised what counts as a Nuisance as far as the lease is concerned
I bought a leasehold flat in Bury St Edmunds, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Bury St Edmunds with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2089
With 64 years remaining on your lease the likely cost is going to range between £14,300 and £16,400 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should 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.