Is the fact that my conveyancer in Clare is not on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Clare conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
Is it possible for conveyancing in Clare to be finalised inside two weeks?
Where you are under time constraints to sign contracts we would recommend that your lawyer is familiar with the area as they will make use of local connections and know-how. It is even conceivable that they would have transacted previousproperties in the same road. Therefore consider using a Clare conveyancing firm. In addition, double check that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Clare conveyancing deals are held up or jeopardised after discovering a buyer’s solicitor was not on their banks list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being held up by as much as 21 days. It is understood that this issue affects in the region of 100,000 home sales annually. Most Clare conveyancing practices can not act for certain lenders so do check at the outset.
My husband and I are hoping to buy a newbuild apartment in Clare with a loan from Barnsley Building Society.We would like to retain our Clare conveyancing solicitor but Barnsley Building Society says she’s not on their approved list of firms. We have to appoint a Barnsley Building Society panel lawyer or retain our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Barnsley Building Society use our lawyer?
Unfortunately,no. The home loan offered to you contains terms and conditions, one of which will be that lawyers will be on the Barnsley Building Society approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barnsley Building Society
I am due to move home in August. Does my conveyancing solicitor communicate with the removal company on the day of completion. On a separate note, can you recommend a removal company in Clare. Conveyancing lawyer was chosen prior to coming across your website.
On the day of completion you can collect the keys from the estate agent however this should only take place once the vendors lawyers inform the agent that they have the completion monies and the keys can be released. After that you can advise the removal company that you are ready to move in. We do not suggest a particular removal company but can assist you in finding a residential property solicitor in Clare or a lawyer that specialises in conveyancing in Clare.
Can I be sure that the Clare conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Clare obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer carrying out your transaction.
We have a mortgage agreed in principle with Virgin Money. Clare conveyancing solicitors have been appointed. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
Some lenders take longer than others. Have Virgin Money conducted the valuation? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I purchased a 4 bedroom Edwardian house in Clare. Conveyancing lawyer represented me and Barclays Direct. 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 exact same address. 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 as there may be 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 Clare and other areas of 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 enquire as to the situation with the conveyancing solicitor who carried out the work.
I am looking at a couple of flats in Clare both have in the region of fifty years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Clare is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 Clare conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 2 bed flat in Clare, conveyancing having been completed August 2007. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Clare with an extended lease are worth £265,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2100
With just 75 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.