Please explain the implications if my lawyer’s firm is expelled from the TSB Conveyancing panel ahead of completing my conveyancing in Liverpool?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Should our conveyancer be raising enquiries about flooding as part of the conveyancing in Liverpool.
Flooding is a growing risk for solicitors conducting conveyancing in Liverpool. There are those who acquire a property in Liverpool, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or on a buyer’s behalf which can figure out the risks in Liverpool. The conventional set of information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine whether the property has suffered from flooding. If the property has been flooded in past and is not revealed by the seller, then a buyer could bring a legal claim for losses stemming from an incorrect response. The buyer’s conveyancers may also carry out an environmental report. This will higlight if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
How does conveyancing in Liverpool differ for new build properties?
Most buyers of new build or newly converted property in Liverpool contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Liverpool typically buy the land, 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 Liverpool or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Liverpool is the location of the property. Is there any advice you can give?
Flying freeholds in Liverpool are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Liverpool you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Liverpool may ascertain 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.
How easy is it to use your search app to locate a conveyancing practitioner in Liverpool on the approved list for my lender?
1st pick a bank such as Halifax, Bank of Scotland or Bank of Ireland then choose your location such as Liverpool. Conveyancing organisations in Liverpool and across England and Wales should be shown.
I own a leasehold house in Liverpool. Conveyancing and HSBC Bank mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Liverpool who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Liverpool conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a 1 bedroom flat in Liverpool, conveyancing formalities finalised March 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Liverpool with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2080
You have 55 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.