I am not in a position to travel far from Dunmow. Is there a reason why all Dunmow conveyancers aren't automatically on all lender panels?
Even though it may seem unfair for lenders to limit who can represent them, from the public’s or conveyancer’s standpoint, the the contrary view is that lending institutions are becoming ever more anxious and feel it necessary to defend themselves against illegal activities. As a result of this concern lenders have restricted their conveyancing panel to a size that they are happy to control.
We are approaching an exchange on a house in Dunmow and my parents have sent the 10% deposit to my lawyer. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I advised the bank concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your conveyancing practitioner is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We intend to purchase a newbuild flat in Dunmow with a residential mortgage from HSBC Bank.We use our Dunmow conveyancing solicitor but HSBC Bank says his firm is not on their approved list of firms. We have to appoint a HSBC Bank panel lawyer or keep our preferred solicitor and pay for a HSBC Bank panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that HSBC Bank use our lawyer?
No, not really. The home loan issued to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the HSBC Bank solicitor panel. Until recently, most banks had large numbers of solicitors 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for HSBC Bank
A friend suggested that where I am purchasing in Dunmow I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Dunmow conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Dunmow around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data regarding Dunmow.
Despite weeks of looking the Title Certificate and documents to our property are lost. The solicitors who dealt with the conveyancing in Dunmow 4 years ago are no longer around. What do I do?
You no longer need to have the physical deeds to establish that you are the owner of your registered land or property, as the Land Registry have everything they need in a digital format.
I am attracted to a couple of flats in Dunmow both have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Dunmow is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and mortgage companies, leases with under 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 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 a property 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 Dunmow 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 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 am the registered owner of a ground floor flat in Dunmow, conveyancing was carried out March 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Dunmow with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2077
You have 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.