My Conveyancer in Herne Bay is not on the Barclays Direct Approved Panel. Is it possible for me to retain my family solicitor notwithstanding that they are excluded from the Barclays Direct panel of approved conveyancing solicitors?
The limited options open to you here include:
- Carry on with your existing Herne Bay solicitors but Barclays Direct will need to use a lawyer on their panel. This will result in additional overall conveyancing fees as well as cause frustration.
- Choose a new practitioner to act in the conveyancing, obviously checking they are Persuade your solicitor to do everything within their powers to join the Barclays Direct conveyancing panel
I am selling my house. I had a double glazing fitted in November 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, TSB are being difficult. The Herne Bay solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are requiring a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase flat in Herne Bay. 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 Herne Bay conveyancer is on the TSB conveyancing panel.
I was told four weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Herne Bay is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Herne Bay differ for newly converted properties?
Most buyers of new build residence in Herne Bay contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because builders in Herne Bay typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Herne Bay or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Herne Bay is the location of the property. Is there any advice you can impart?
Flying freeholds in Herne Bay are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Herne Bay you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Herne Bay may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it best to use a Herne Bay conveyancing practitioner who is local to the property I am buying? An old friend can perform the legal formalities but his firm is located 200kilometers away.
The benefit of a high street Herne Bay conveyancing practice is that you can pop in to sign documents, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were happy that should trump using an unfamiliar Herne Bay conveyancing solicitor solely due to them being based in the area.
I am looking at a couple of maisonettes in Herne Bay which have about forty five years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Herne Bay is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Herne Bay conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a 1 bedroom flat in Herne Bay, conveyancing having been completed March 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Herne Bay with over 90 years remaining are worth £197,000. The ground rent is £55 yearly. The lease finishes on 21st October 2079
With 55 years left to run the likely cost is going to be between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.