My wife and I are purchasing a 2 bedroom flat in Leamington Spa with a mortgage. We like our Leamington Spa solicitor, but the mortgage company advise he's not on their "panel". It seems we have little choice but to select one of the mortgage company panel solicitors or retain our Leamington Spa conveyancer and pay for one of their panel ones to represent them. We feel that this is inequitable; are we not able to demand that the mortgage company use our Leamington Spa lawyer ?
Unfortunately,no. Your mortgage offer 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 Leamington Spa conveyancing solicitor to apply to be on the conveyancing panel.
we are a couple who wish to acquire a newbuild flat in Leamington Spa with a homeloan from Halifax.We would like to retain our Leamington Spa conveyancing lawyer but Halifax informed us she’s not listed on their "panel". We have to appoint a Halifax panel solicitor or retain our high street solicitor and pay for a Halifax panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The loan issued to you contains various provisions, one of which will be that solicitors needs to be on the Halifax approved list. in the past, most mortgage companies 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 solicitors to apply to be on the conveyancing panel for Halifax
It has been 3 months following my purchase conveyancing in Leamington Spa concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build apartment in Leamington Spa. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Leamington Spa
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
My company is hoping to lease a unit on the high street. Can you recommend lawyers offering competitive charges for commercial conveyancing in Leamington Spa for below £1,200?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Leamington Spa, including the disposal and acquisition of businesses as well as simply property. Whether you are looking to purchase or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can find you the right solicitor. Regarding the costs these will vary based on the structure and terms of the deal. Let us have your contact information or email us so that we can supply you with comprehensive commercial conveyancing quote.
I am attracted to a two maisonettes in Leamington Spa which have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Leamington Spa is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with less than eighty years become less and less marketable. On a more positive 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 property 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 Leamington Spa 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 acquired a 1st floor flat in Leamington Spa, conveyancing was carried out in 2011. Can you work out an approximate cost of a lease extension? Corresponding flats in Leamington Spa with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2090
With just 64 years remaining on your lease we estimate the premium for your lease extension to span between £15,200 and £17,600 plus plus your own and the landlord's "reasonable" 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 without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.