I am one month into the sale of my apartment in Leatherhead and the EA has just e-mailed to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a major lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Leatherhead ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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 purchasers are unlikely to have any sway in the decision.
I am purchasing a property for cash in Leatherhead. I have resided for the previous dozen years in Leatherhead. Conveyancing searches are expensive. Given that I have knowledge of the area and road intimately must I have all the conveyancing searches?
In the absence of a mortgage, then almost all of the Leatherhead conveyancing searches are at your discretion. Your conveyancer will 'advise', perhaps strongly, that you should have searches carried out, but she is duty bound to take that path of advice. Do bear in mind; if you are likely to dispose of the house one day, it may be of importance to your future purchaser what the searches disclose. There are plenty of instances where houses with functional issues can still reveal unexpected search results. A good conveyancing solicitor in Leatherhead should be able to give you some sensible advice in this regard.
We're in Leatherhead, FTBs purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Leatherhead. Conveyancing is a frightening process 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 is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Leatherhead
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I decided to have a survey carried out on a property in Leatherhead prior to instructing lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some banks tend refuse to grant a loan on such a home.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Leatherhead. Conveyancing will be smoother if you use a solicitor in Leatherhead especially if they are acquainted with such properties in Leatherhead.
What makes a Leatherhead lease defective?
There is nothing unique about leasehold conveyancing in Leatherhead. Most leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I inherited a basement flat in Leatherhead, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Leatherhead with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2106
With 80 years unexpired we estimate the price of your lease extension to range between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other 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 before getting professional advice.