Am I correct in assuming that the fact that my solicitor in Edenthorpe is not identified on my lender's solicitor panel that there is a problem with the standard of the firm’s work?
That is more than likely an incorrect assumption to make. There are all sorts of perfectly 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 most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Edenthorpe conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
I'm at the point of looking at flats in Edenthorpe and I am now considering a potential offer. Is it premature to have a solicitor in place? I am planning to take a home loan with Santander.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are obtaining a mortgage with Santander, make sure you remember to check that your lawyer is on the Santander conveyancing panel.
I have paid off my mortgage with HSBC. I assume I don't need a Edenthorpe property lawyer on the HSBC panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC 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 HSBC mortgage from the register. HSBC, 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 HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
The formalities of my purchase has taken place for my property in Edenthorpe. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
five months have elapsed following my purchase conveyancing in Edenthorpe concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a property in Edenthorpe in advance of appointing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will refuse to grant a mortgage on this type of home.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Edenthorpe. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for remortgage conveyancing in Edenthorpe. I've stumble across a web site which seems to have the perfect offering If there is a chance to get all the legals done via web that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a two maisonettes in Edenthorpe both have in the region of 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Edenthorpe is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and mortgage companies, leases with less than 75 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 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 Edenthorpe 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Edenthorpe Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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On the whole the cost for major works are not included within maintenance charges, although there some managing agents in Edenthorpe ask leaseholders to contribute towards a sinking fund and this is used to offset against major works. Is anyone aware of any major works in the planning that will likely increase the service fees? Is there a share of the freehold?