I am selling my flat in Cheslyn Hay and the EA has just text me to warn that the buyers are appointing a new law firm. The reason given is that the lender will only deal with solicitors on their approved list. Why would a leading lender only deal with specific lawyers rather the firm that they want to choose for their conveyancing in Cheslyn Hay ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The buyers are unlikely to have any sway in the decision.
The owners of the house we are purchasing are using a conveyancing solicitor in Cheslyn Hay who has recommended a exclusivity contract with a deposit two thousand pounds. Are such agreements sensible?
There are a couple of main drawbacks with executing a lock out contract (occasionally referred to as an exclusivity agreement) is that it takes away the focus from making progress with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not particularly popular amongst Cheslyn Hay conveyancing lawyers for this reason. The other main issue is the extent of the remedies available - a jilted purchaser is very unlikely to obtain an injunctive ruling by a court to prevent the owner completing the sale to a third party, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in rare situations, the additional payment of damages.
We are selling our apartment in Cheslyn Hay. Will the lawyer have to be required to be on the Nottingham conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Nottingham 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 at the moment.
three months have elapsed following my purchase conveyancing in Cheslyn Hay took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 have been on the look out for a flat up to £235,500 and identified one round the corner in Cheslyn Hay I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Cheslyn Hay suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Cheslyn Hay. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Cheslyn Hay are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Cheslyn Hay so you should seriously consider shopping around for a Cheslyn Hay conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
I am the registered owner of a 2 bed flat in Cheslyn Hay, conveyancing formalities finalised in 2009. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Cheslyn Hay with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2094
With just 68 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.