I am nearing exchange of contracts for my house in Eye and the EA has just text me to advise that the purchasers are switching property lawyer. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Eye ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
Please could you vouch for a Leeds Building Society accepted Eye conveyancing solicitor that can complete within 10 days? Am I best advised to go for a high street Eye practice or a web based comparison site?
We can recommend some very good Eye conveyancing firms. You can also walk up the main road in Eye. Visit a couple of firms and request to see a conveyancing solicitor for a fee estimate. Discuss your requirements together with the reasons and get a commitment on your deadline. Appoint the one that genuine.
I am the registered owner of a freehold property in Eye yet invoiced for rent, why is this and what is this?
It is rare for properties in Eye and has limited impact for conveyancing in Eye 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Just had an offer accepted on a new build flat in Eye. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Eye
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Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
My wife and I purchased a leasehold house in Eye. Conveyancing and Chelsea Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Eye who previously acted has long since retired. What should I do?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Eye conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a ground floor flat in Eye, conveyancing was carried out 4 years ago. 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? Equivalent flats in Eye with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2095
With 69 years unexpired the likely cost is going to span between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
We have been advised by numerous estate agents to expect 6-8 weeks for Eye conveyancing to complete.This was four weeks ago. The property information was only sent to my lawyer last week so now does it countdown?
You should take with a pinch of salt any promises as to expedited completion times. Instead ask the average time it takes for them to complete Eye conveyancing deals and whether they are happy to move towards your proposed completion date for your house move in Eye