Am I correct in assuming that the fact that my solicitor in Clevedon is not identified on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack 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 simply call the Clevedon conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
Can conveyancing in Clevedon to be done in less than two weeks?
Where the seller is applying pressure to complete we would recommend that your solicitor is familiar with the location as they will benefit local contacts and insight. It is possible that they may have transacted previoushouses in the same neighbourhood. Therefore consider using a Clevedon conveyancing solicitor. Second, check that the conveyancing firm is on the member panel. It is said that just under twenty per cent of Clevedon conveyancing transactions are held up or jeopardised after finding out that a buyer’s solicitor was not on their banks panel. This can often result in the conveyancing being held up by as much as three weeks. It is believed that this issue affects approximately one hundred thousand home moves annually. Almost all Clevedon conveyancing firms can not act for certain lenders so do check as early as possible.
I own a freehold house in Clevedon yet pay rent, why is this and what is this?
It is rare for properties in Clevedon and has limited impact for conveyancing in Clevedon 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Can I be sure that the Clevedon conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Clevedon getting 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 which is cheap as chips. We would always advocate that you speak with the solicitor handling your conveyancing.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Clevedon solicitor on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
Bank of Ireland have agreed my mortgage in principle, my bid on a apartment in Clevedon has been agreed to, what happens next?
The estate agent will want to know who your solicitors are (be sure the solicitors are on the bank’s approved list). Telephone Bank of Ireland or the financial adviser and finish off any appropriate forms. Bank of Ireland will instruct a valuer who will get in touch with the estate agent or vendor to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. Bank of Ireland will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Clevedon.
I've recently bought a leasehold flat in Clevedon. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a studio flat in Clevedon, conveyancing was carried out in 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Clevedon with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2090
With only 65 years unexpired the likely cost is going to span between £13,300 and £15,400 as well as professional fees.
The figure that we have given is a general guide to costs for extending 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 may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my house purchase in Clevedon , but I am keen proceed. What can I do?
One option is to try and agree a smaller deposit. Most sellers will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute