Is the fact that my solicitor in Gloucestershire is not identified on my bank's conveyancing panel that there is a problem with the quality of his work?
That is most likely an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Gloucestershire conveyancing practice and ask them why they are no longer on the approved list for your bank.
My partner and I are purchasing our first home. The solicitor has texted usto enquire if we want to take out supplemental conveyancing searches. We are really unsure what's needed for conveyancing in Gloucestershire
The scope of Gloucestershire conveyancing searches depends primarily on the property, the location, the probability of any of these risks, your knowledge of the area and risks, your overall approach to risk. What matters is that you properly understand what information the searches could give you. You may then decide if you consider that you need that information. Where you are in doubt, ask the property lawyer to provide guidance.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Gloucestershire?
There are many registered licenced Conveyancers in Gloucestershire and Solicitor practices in Gloucestershire offering conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. Both can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We had appointed conveyancing lawyers locally in Gloucestershire on the Kent Reliance solicitor panel. They have just billed me an additional charge for dealing with the Kent Reliance mortgage. Is this an additional conveyancing fee specified by Kent Reliance?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer is entitled to charge a fee for this. This charge is not dictated by Kent Reliance but by your Gloucestershire solicitor. Plenty of firms on the Kent Reliance panel will charge ’dealing with mortgage’ fee and others do not.
Our offer on a semi in Gloucestershire has been accepted, but there is a chain. The vendors have offered on a property, however it’s not yet tied up, and are looking at other flats in the pipeline. I have chosen a nearby conveyancing solicitor in Gloucestershire. What do I do now? When do I get the mortgage application with Lloyds going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of £1k, then valuation, Gloucestershire conveyancing search charges, etc). First, you should check that your conveyancing practitioner is on the Lloyds conveyancing panel. As to the next stages this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. During a buoyant market the majority of home buyers would apply for the mortgage with Lloyds and arrange for the valuation and only if it was satisfactory would they request their solicitor to press on with the conveyancing in Gloucestershire.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Gloucestershire I like with open areas and railway links nearby, however it only has 51 years on the lease. There is not much else in Gloucestershire for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
My wife and I purchased a leasehold flat in Gloucestershire. Conveyancing and Britannia mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Gloucestershire who previously acted has now retired. Any advice?
First contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Gloucestershire 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 am the registered owner of a ground floor flat in Gloucestershire, conveyancing having been completed in 1997. Can you work out an approximate cost of a lease extension? Corresponding flats in Gloucestershire with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2096
You have 72 years unexpired the likely cost is going to span between £9,500 and £11,000 plus costs.
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 detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
Our conveyancer in Gloucestershire has identified a a problem with the lease for the flat we are purchasing in Gloucestershire. The other side have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.