Me and my partner are buying a 1 bedroom apartment in Harton with a mortgage. We have a Harton lawyer, however the mortgage company advise she’s not on their "panel". It appears that we have little choice but to use one of the bank panel solicitors or continue with our Harton conveyancer as well as pay for one of their panel lawyers to represent them. We feel that this is inequitable; are we not able to insist that the mortgage company use our Harton conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Harton conveyancing solicitor to apply to be on the conveyancing panel.
It is is a decade since I purchased my home in Harton. Conveyancing solicitors have recently been retained on the sale but I can't locate my deeds. Is this a major issue?
Don’t worry too much. Firstly the deeds may be retained by the mortgage company or they could be in the possession of the lawyers who oversaw the purchase. Secondly in all probability the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Most conveyancing in Harton involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
Various web forums that I have frequented warn that are the main reason for obstruction in Harton house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Harton.
The deeds to our home are lost. The conveyancers who did the conveyancing in Harton 5 years ago are no longer around. What are my next steps?
In today’s world there are copies made of almost everything, and your conveyancer should be aware precisely where to look for all the suitable documentation so you can buy or sell your property without a hitch. Where duplicates can’t be found, your lawyer can put in place insurance or indemnities protecting you against possible claims on your property.
I work for a busy estate agency in Harton where we have witnessed a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Harton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a 1st floor flat in Harton, conveyancing was carried out April 2001. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Harton with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2099
With 74 years unexpired the likely cost is going to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
At what stage do I incur stamp duty due for my conveyancing in Harton?
Most conveyancers will complete a Land Transaction Return Form for you as part of your Harton conveyancing transaction for signature. After completion your property lawyer will submit the STL application to the Inland Revenue and - assuming they have the money - pay any tax bill due on your behalf.