I am in a contract race with another prospective purchaser for a property in Chantry. What can I do to speed up matters?
In a situation where the seller is applying pressure to complete it is highly recommended that your solicitor is familiar with the area as they will have local connections and intelligence. It is possible that they could have transacted previoushouses in the same road. You would be best advised to use a Chantry conveyancing firm. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is believed that 18% of Chantry conveyancing deals are suspended or jeopardised after finding out that a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the conveyancing being delayed by almost three weeks. It is said that this issue impacts approximately one hundred thousand home sales annually. Almost all Chantry conveyancing firms can not represent certain mortgage companies so do check as early as possible.
If you had a top tip for selecting a conveyancing solicitor in Chantry what would it be?
Do not opt for the cheapest Chantry conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
is it true that all Chantry conveyancing solicitors on the Aldermore conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Aldermore conveyancing panel they would need to be overseen by the SRA. Some lenders do list licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
My wife and I have arranged the release of further funds on our mortgage from Aldermore as we wish to conduct renovations to our property in Chantry. Do we need to appoint a high street Chantry solicitor on the Aldermore conveyancing panel to deal with the paperwork?
Aldermore do not ordinarily instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Aldermore conveyancing panel.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Chantry is the location of the property. What do you suggest?
Flying freeholds in Chantry are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chantry you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chantry may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do I need to be suspicious about third parties that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a local Chantry conveyancing firm?
As is the case with lots of professional services, often suggestions from relatives can be most helpful. But there are numerous players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may suggest lawyers to choose. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the endorsement. You are at liberty to choose your preferred conveyancer. You need to be aware that most banks specify a panel list of conveyancers you must use for the mortgage related work in your conveyancing.
I am tempted by the attractive purchase price for a two apartments in Chantry both have about fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Chantry is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Chantry conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a split level flat in Chantry, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Chantry with an extended lease are worth £190,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2086
You have 61 years remaining on your lease we estimate the price of your lease extension to be between £18,100 and £20,800 plus legals.
The figure 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 detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
My solicitors in Chantry have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a number of years?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the lender directly.