Unfortunately I am unable to travel far from Leconfield. What is the rationale as to why all Leconfield conveyancing practitioners are not on all lender panels?
Lenders ordinarily impose restrictions on either the type or volume of conveyancing solicitors on their approved list of lawyers. Typical examples of such criteria being that a firm must have two or more partners. As well as restricting the type of firm, some banks for example HSBC made a decision to reduce the size of their panel they allow to represent them. You should note that lenders have no liability for the accuracy of advice supplied by any Leconfield conveyancer on their panel. Mortgage fraud was the primary trigger for the rationalisation of conveyancing panels in the last decade notwithstanding that there are contrary assessments about whether solicitors sat at the center of that fraud. Data via HM Land Registry indicates that thousands of conveyancing practices only carry out less than three conveyances annually. Those advocating conveyancing panel cuts ask why law firms deserve claim to remain on a bank panel when it is evident that conveyancing is not their primary expertise?
We are buying a flat and require a conveyancing solicitor in Leconfield who is on the Nottingham solicitor panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Nottingham . We don't recommend any particular firms conducting conveyancing in Leconfield.
Are the BSA planning on creating a online directory to to identify solicitors on the Earl Shilton BS conveyancing panel for example in Leconfield?
Lexsure has not been advised of any plans on the part of the BSA to develop such a register.
I am looking for a flat up to £235,500 and identified one close by in Leconfield I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Leconfield in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My husband and I are novice buyers - agreed a price, yet the selling agent has warned us that the owners will only go ahead if we instruct their preferred lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor who is familiar with conveyancing in Leconfield
It is highly unlikely the vendors are behind this. If they desire ‘a quick sale', alienating a genuine purchaser is likely to cause more damage than good. Contact the owners directly and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you intend to appoint your preferred Leconfield conveyancing lawyers - as opposed tothe ones that will give the negotiator at the agency a introducer fee or meet his conveyancing figures set by HQ.
I am tempted by the attractive purchase price for a couple of maisonettes in Leconfield which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Leconfield is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 premises 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 Leconfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 inherited a garden flat in Leconfield, conveyancing formalities finalised in 1995. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Leconfield with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2087
With 62 years left to run the likely cost is going to range between £17,100 and £19,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.