Is the fact that my solicitor in Costessey is not identified on my bank's solicitor panel that there is a problem with the quality of her conveyancing?
It would be unwise to jump to that conclusion. There are plenty of reasonable 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 most common reasons for removal are: (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 contact the Costessey conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
My Solicitor in Costessey is not listed on the Coventry Building Society Solicitor Panel. Is it possible for me to continue with my prefered solicitor even though they are excluded from the Coventry Building Society list of approved lawyers?
The limited options open to you here include:
- Carry on with your existing Costessey lawyers but Coventry Building Society will need to retain a solicitor on their panel. This will result in additional total legal charges as well as result in delays.
- Choose an alternative solicitor to to deal with the conveyancing, obviously checking they are Convince your conveyancer to use their best endeavours to join the Coventry Building Society conveyancing panel
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Costessey is the location of the property. Can you offer any assistance?
Flying freeholds in Costessey are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Costessey you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Costessey 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 residence.
I'm refinancing my primary home to a buy to let mortgage with Aldermore and I will use the ballance of the raised equity as a down payment on further property. The area we are looking at is Costessey. Will your lawyers be able to act for the two banks and tie in the transactions?
Do use our comparison tool on this page to check that the solicitors are on the relevant lender panels. Having checked that they are the solicitor should be able to simultaneously deal with the two deals but you should talk with you lawyer and make clear your desired outcome and needs.
I am tempted by the attractive purchase price for a couple of maisonettes in Costessey both have approximately fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Costessey is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Costessey 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 the agreed 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 Costessey, conveyancing having been completed 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Costessey with an extended lease are worth £190,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2087
You have 61 years remaining on your lease the likely cost is going to range between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do 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 take any other action placing reliance on this information before seeking the advice of a professional.
What can I do where I am not happy with the lawyer who handled my conveyancing in Costessey?
Occasionally the level of service you receive is not as you expect, and is is a fact of life that every so often matters do not go as planned. That being said there is recourse if you were dissatisfied with your conveyancing in Costessey. This varies from trying to resolve matters directly with them, through to reporting a conveyancing practitioner to their governing body. If you remain dissatisfied you may consider enlisting the help of the Legal Ombudsman.