I am in the process of mortgaging my home in Fairwater, does my lawyer have to be on the Nationwide Solicitor panel?
There is nothing to stop you using your solicitor, but Nationwide will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Will commercial conveyancing searches reveal planned roadworks that could impact a commercial premises in Fairwater?
Its becoming the norm that commercial conveyancing solicitors in Fairwater will order a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Fairwater. The report sets out definitive data 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 Fairwater.
For each commercial conveyancing transaction in Fairwater it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Fairwater commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Fairwater.
five months have elapsed following my purchase conveyancing in Fairwater took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 asset 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.
I'm purchasing a new build house in Fairwater with the aid of help to buy. The developers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not disclose to my solicitor about this deal as it will jeopardize my mortgage with Lloyds TSB Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My husband and I are FTB’s - agreed a price, but the selling agent advised that the vendor will only proceed if we use their preferred lawyers as they want a ‘quick sale’. We would rather use a high street conveyancer with experience of conveyancing in Fairwater
It is highly unlikely the vendors are behind this. If they want ‘a quick sale', turning down a genuine purchaser is not the way to achieve this. Try to communicate with the owners directly and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you are going to appoint your preferred Fairwater conveyancing firm - rather thanthe ones that will earn their negotiator at the agency a commission or hit his conveyancing thresholds pre-set by corporate headquarters.
Can you offer any advice when it comes to appointing a Fairwater conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Fairwater conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with two or three firms including non Fairwater conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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How familiar is the firm with lease extension legislation? How many lease extensions have they carried out in Fairwater in the last year?
I bought a ground floor flat in Fairwater, conveyancing was carried out 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Fairwater with an extended lease are worth £165,000. The ground rent is £50 yearly. The lease finishes on 21st October 2102
With only 77 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on 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 concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.