I am selling my house in Longfield and the EA has just text me to warn that the purchasers are appointing a new property lawyer. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a major mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in Longfield ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Having sold my house in Longfield last March but my buyer keeps Skype messaging every few hours to say her lawyer is waiting to hear from mine. What are the post completion sale legalities following completion?
Following your house sale your lawyer is duty bound to send the transfer documentation and all of the paperwork to the buyer’s lawyers. Where relevant, your lawyer must also evidence that the mortgage has been paid off to the buyers lawyers. There are no post completion requirements peculiar conveyancing in Longfield.
How do I investigate if the solicitor handling my conveyancing in Longfield is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Yorkshire Building Society thus spending £187.00 plus VAT in further legal costs.
Feel free to take advantage of the find a lender approved solicitor tool on this web page. Please choose the lender and type ‘Longfield’ or your location and you will discover a number of lawyer based in Longfield or by proximity to you.
I purchased my house on 11 October and the transaction details are still not registered. Need I be worried? My conveyancing solicitor in Longfield advises it should be concluded in less than a month. Are properties in Longfield particularly slow to register?
There is nothing unique when it comes to conveyancing in Longfield registration formalities. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry must send notices to any third parties. As of today in the region of three quarters of submission are fully addressed in less than three weeks but some can be subject to protracted hold-ups. Historically registration occurs once the buyer is living at the premises so 'speed' is not typically primary concern but where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
I am attracted to a two flats in Longfield both have in the region of 50 years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Longfield is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and lenders, leases with under 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 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 Longfield 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 purchased a ground floor flat in Longfield, conveyancing having been completed in 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Longfield with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2097
With only 72 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Why is New Build conveyancing in Longfield more expensive?
Conveyancing in Longfield for newly converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental investigations and contractual considerations.