My husband and I are planning to acquire a home in Cotham and have instructed a Cotham conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to advise us that there is now an issue as our Cotham conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Cotham solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Last May we completed a house move in Cotham. We have noticed several problems with the house which we believe were omitted in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that should have been carried out as part of conveyancing in Cotham?
The question is not clear as what problems have arisen and if they are specific to conveyancing in Cotham. Conveyancing searches and investigations undertaken during the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, a property owner completes a document referred to as a Seller’s Property Information Form. If the information is inaccurate, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Cotham.
Should commercial conveyancing searches reveal planned roadworks that could impact a commercial estate in Cotham?
Its becoming the norm that commercial conveyancing solicitors in Cotham will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Cotham. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cotham.
For every commercial conveyancing transaction in Cotham it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Cotham commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Cotham.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in Cotham I like with a park and railway links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Cotham for this price, so just wondered if I would be making a grave error 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 price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
Back In 2002, I bought a leasehold flat in Cotham. Conveyancing and Chelsea Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Cotham who acted for me is not around. What should I do?
First contact the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to instruct a Cotham conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a 2 bed flat in Cotham, conveyancing formalities finalised December 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Cotham with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2084
With just 58 years unexpired the likely cost is going to range between £22,800 and £26,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Been on the hunt for a lawyer for freehold sale conveyancing in Cotham. We are selling, uncomplicated no mortgage to discharge, no hurry, no onward chain. Received an estimate from a solicitor for £1000 plus VAT which is a tad expensive considering its so straightforward. Is it possible to find less expensive fees for conveyancing in Cotham?
Given that it’s a sale only, £425 + VAT is likely to be about the cheapest for sale conveyancing in Cotham.