I am progressing with the sale of my ground floor flat in Heddon On The Wall and the EA has just text me to warn that the buyers are appointing a new law firm. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a major lender only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Heddon On The Wall ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The purchasers are not going to have any sway in the decision.
We're in Heddon On The Wall, FTBs buying with a mortgage (lender is Yorkshire BS , and our lawyer is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What can a local search reveal concerning the property we're purchasing in Heddon On The Wall?
Heddon On The Wall conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for example PSG The local search plays an important part in most Heddon On The Wall conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search should provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Are there restrictive covenants that are commonly identified as part of conveyancing in Heddon On The Wall?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Heddon On The Wall. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a ground for flat up to £245,000 and identified one close by in Heddon On The Wall I like with open areas and station in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Heddon On The Wall in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan that many years may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Last April I purchased a leasehold property in Heddon On The Wall. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a leasehold flat in Heddon On The Wall, conveyancing formalities finalised 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Heddon On The Wall with a long lease are worth £195,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2088
With only 63 years remaining on your lease we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.