My husband and I are looking to buy a home in Higher Kinnerton and are in fact using a Higher Kinnerton conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Yorkshire Building Society have this evening contacted us to advise us that they have now hit a problem as our Higher Kinnerton lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Higher Kinnerton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am thinking of remortgaging my apartment in Higher Kinnerton, does my lawyer have to be on the Santander Conveyancing panel?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
We are selling our property in Higher Kinnerton and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A local conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a nationwide conveyancing outfit rather than a conveyancing solicitor in Higher Kinnerton. Having lived in Higher Kinnerton for six years we know that this is a non issue. Is it a good idea to contact our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I'm remortgaging my primary house to a BTL mortgage with Norwich and Peterborough Building Society and intend to use the remaining equity as a down payment on further house. The location we are looking at is Higher Kinnerton. Will your solicitors be able to act for the two lenders and link together the conveyances?
Make use of our search tool on this page to be sure that the lawyers are approved by both lenders. Assuming that they are your lawyer will be able to connect the two transactions but you should have a chat with you solicitor and specify your expectations and requirements.
I need to instruct a conveyancing solicitor in Higher Kinnerton for my purchase. Can I review a solicitor's complaints history with the profession’s regulator?
Members of the public may see presented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator could recorded call for training requirements.
I am looking at a two apartments in Higher Kinnerton both have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Higher Kinnerton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. 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 Higher Kinnerton 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 any new 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 purchased a leasehold flat in Higher Kinnerton, conveyancing was carried out April 2011. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Higher Kinnerton with a long lease are worth £180,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2083
With only 59 years remaining on your lease we estimate the price of your lease extension to range between £20,900 and £24,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.