My husband and I are buying a 1 bedroom flat in Lifton with a mortgage. We have a Lifton lawyer, however the bank advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or continue with our Lifton property lawyer as well as pay for one of their panel firms to represent them. This seems very unfair; are we not able to insist that the bank use our Lifton conveyancing practitioner ?
No, not really. The mortgage offered to you 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 Lifton conveyancing lawyer to apply to be on the conveyancing panel.
How up to date is your search tool for Lifton conveyancing solicitors on the Nottingham conveyancing panel? Do Nottingham send you an updated list?
Lifton conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.
I am looking for a leasehold apartment up to £305k and found one round the corner in Lifton I like with a park and railway links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Lifton in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage that many years will be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to 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 concerning this.
My uncle has suggested that I instruct his conveyancers in Lifton. Should I find my own conveyancer?
Much as we are happy to recommend a Lifton conveyancing lawyer the ideal way to choose a conveyancing solicitor is to have referrals from friends or relatives who have actually previously instructed the firm you're contemplating using.
I work for a reputable estate agent office in Lifton where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Lifton conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. 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 disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 invested in buying a split level flat in Lifton, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Lifton with an extended lease are worth £179,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2082
With just 57 years unexpired we estimate the price of your lease extension to range between £26,600 and £30,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues 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 getting professional advice.
The mortgage agreement from a bank for the refinancing of my 2 bedroom flat is to be issued by the end of next week. Are you able to recommend a cheap remortgage conveyancing solicitor in Lifton ?
This site is not designed to help in pursuit of a cheap conveyancing solicitors in Lifton. Our aim is to provide value for money conveyancing but our intention is not to advertise as being the cheapest. Avoid the trap of appointing companies offering low cost conveyancing in Lifton.At best, in going for cheap conveyancing, you will get what you pay for and at worst you will end up being stung for additional fee and still not get the service expected.