I am progressing with the sale of my apartment in Ketton and the estate agent has just telephoned to say that the buyers are switching conveyancer. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Ketton ?
Lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
Why is leasehold purchase conveyancing in Ketton costs more?
In summary, leasehold conveyancing in Ketton and Rutland usually involve additional hours of investigation compared to freehold transactions. This includes lease investigation, corresponding with the landlord concerning serving applicable notices, securing up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
My uncle passed away six months ago and as sole heir and executor I was left the property in Ketton. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Santander, pay off the mortgage. Is this allowed?
If you intend to re-mortgage then Santander will insist on your using a conveyancer on the Santander conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Santander conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Santander mortgage is registered as a charge at the Land Registry.
My colleague suggested that where I am purchasing in Ketton I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Ketton conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about Ketton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Ketton Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Ketton Education with plans and statistics, Local Amenities and other useful data concerning Ketton.
How does conveyancing in Ketton differ for newly converted properties?
Most buyers of new build premises in Ketton contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Ketton tend to purchase the real estate, 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 conveyancers 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 Ketton or who has acted in the same development.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Ketton. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Ketton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Ketton so you should seriously consider looking for a Ketton conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am the registered owner of a studio flat in Ketton, conveyancing formalities finalised June 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Ketton with a long lease are worth £176,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2076
With only 50 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.