Me and my fiance are planning to acquire a 3 bedroom flat in Loddon with a mortgage. We would like to retain our Loddon solicitor, however the bank advise she’s not on their "panel". It appears that we have no option but to select one of the bank panel conveyancing practices or continue with our Loddon lawyer as well as pay for one of their panel ones to act for them. We regard this is inequitable; are we not able to require that the lender use our Loddon conveyancing practitioner ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. Another option that might be available is for your Loddon conveyancing solicitor to apply to be on the conveyancing panel.
All was ready to move into my new home in Loddon next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These requirements are not unique to conveyancing in Loddon.
Have completed on a a semi-detached house in Loddon , What is the estimated time for the Land Registry to register my proprietorship? My Loddon conveyancing solicitor works at snail pace, so I want to be sure the land registry aspects are addressed.
As far as conveyancing in Loddon is concerned, registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can differ according to who lodges the application, whether there are errors and whether the Land registry must send notices to any third persons or bodies. As of today roughly 80% of such applications are fully addressed within two weeks but occasionally there can be protracted delays. Historically registration occurs after the purchaser has moved in to the premises so post completion formalities is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your solicitor could contact the land registry and explain the circumstances.
How does conveyancing in Loddon differ for new build properties?
Most buyers of new build premises in Loddon approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because builders in Loddon usually acquire the real estate, 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 conveyancers 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 Loddon or who has acted in the same development.
I am attracted to a couple of flats in Loddon which have approximately fifty years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Loddon is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a property 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 Loddon 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 own a leasehold flat in Loddon, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Loddon with an extended lease are worth £202,000. The ground rent is £60 per annum. The lease finishes on 21st October 2081
With 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as legals.
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 detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional 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 without first seeking the advice of a professional.
Can a conveyancer remove someone from the title of my property in Loddon ?
Removing or adding someone to the title of your home is relatively straightforward. You’ll need to appoint a property lawyer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a lawyer