I had intended to instruct a property lawyer in Leeswood for our house move. Our financial adviser informed us that our bank Britannia won't deal with them. Surely this is unfair competition?
Lenders on the whole restrict either the type or the number of conveyancing firms on their panel. A common example of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have reduced the amount of solicitor practices they use to act for them. Be aware that Britannia have no responsibility for the quality of advice provided by any member of Britannia Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there remains mixed views regarding the extent of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Leeswood only conduct very few conveyances per annum.
Can you point me to a directory of Coventry BS panel conveyancers in Leeswood on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lenders make their panel listings open the public over the internet. Where you are in need of a Leeswood lawyer on the Coventry BS please make the most of our tool.
The mortgage over my property is with TSB for my property in Leeswood. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
TSB must be informed of your intention prior to letting out your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. You need not do this via a TSB conveyancing panel firm.
I am selling my house. I had a double glazing fitted in October 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Bank of Ireland are being difficult. The Leeswood solicitor who is on the Bank of Ireland conveyancing panel is saying indemnity insurance will be fine but Bank of Ireland are requiring a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Leeswood differ for newly converted properties?
Most buyers of new build premises in Leeswood approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is finished. This is because house builders in Leeswood tend to purchase the site, 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 property lawyers 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 used to new build conveyancing in Leeswood or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Leeswood is where the house is located. What do you suggest?
Flying freeholds in Leeswood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Leeswood you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leeswood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am employed by a long established estate agency in Leeswood where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Leeswood conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a 1st floor flat in Leeswood, conveyancing was carried out 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Leeswood with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2078
With just 54 years unexpired the likely cost is going to span between £32,300 and £37,400 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 cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
Is it true that a Leeswood conveyancing firm got sued by a client for failing to conduct the right conveyancing investigations?
We are not aware of such a Leeswood conveyancing matter but according to a recent report, clients buying a house in Cumbria successfully sued their property lawyer due to development plans to build a wind farm failing to be picked up in conveyancing searches.
Where you are buying in Leeswood It is essential that your conveyancer purchase all Leeswood conveyancing searches necessary to ensure you have accurate and up to date information before buying a home in Leeswood.