I am due to complete on the purchase of a property in Formby but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the seller in the sum of £2k by way of a reduction in the price. This was going to be dealt with as part of amending the contract but Clydesdale are not allowing this. Should they have been notified?
The property lawyer being on the Clydesdale approved list is required to disclose to Clydesdale of any variations to the sale price. If you were to refuse your conveyancer to disclose the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new conveyancing practitioner for your conveyancing in Formby.
When it comes to lenders such as Lloyds, do Formby property lawyers face a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I recently had an offer agreed on a house in Formby. My financial adviser suggested a conveyancer. I paid an upfront payment of £200. Soon after, the conveyancing practitioner called me to say that they were not on the Co-operative conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Co-operative panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a maisonette in Formby. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Formby property lawyer is on the TSB conveyancing panel.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Formby I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Formby in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I need to instruct a conveyancing solicitor in Formby for my purchase. Is there any facility to check a firm’s complaints history with the profession’s regulator?
Members of the public may read documented Solicitor Regulator Association (SRA) decisions arising from investigations from 2008 onwards. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA could monitor telephone calls for training purposes.
Having had my offer accepted I require leasehold conveyancing in Formby. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and 99.9% are in Formby - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I acquired a 1 bedroom flat in Formby, conveyancing formalities finalised September 1996. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Formby with over 90 years remaining are worth £222,000. The ground rent is £50 yearly. The lease terminates on 21st October 2096
With 71 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
Me and my wife have recently had an offer agreed on a property and had meeting on Monday with Leeds Building Society for the mortgage. They have informed us that when it comes to appointing a conveyancing practitioner that if they are not on their approved panel of conveyancers then we will be subject to an an additional fee of about two hundred pounds. This is is due to the fact that they will then have to instruct a solicitor to act on their behalf as well as the one we appoint on our behalf and we assume responsibility for their fees. I have asked Leeds Building Society to furnish me with a list so I can seek quotes only from their approved conveyancers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You should ask Leeds Building Society what their criteria for joining their panel is for a conveyancer.Thereafter ask the solicitor of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society previously. If the answer to those is yes, then just clarify this with Leeds Building Society. Another option is to use our search tool and we may be able to identify a conveyancing practitioner in Formby on the panel for Leeds Building Society.