Having been referred to your service we were going to use a conveyancing solicitor in Ludlow recommended by you but stumbled across some other quotes via the web appear less expensive – why is this?
There are many firms of conveyancers offering theoretically looks to be cut price. Our recommendation is to give due consideration as to how important this transaction is to you that you are willing to be penny wise pound foolish concerning the standard of the legal work. Many of them highlight a bargain fee to grab your attention but hide additional costs in the small print..
We were just about to exchange contracts for a leasehold flat in Ludlow. We have hit a snag. The loan offer with Barclays expires on 24/7/2026 but the owners are suggesting a completion date of 28/7/2026. Can one extend the mortgage offer?
The best person to deal with your issue is your lawyer who is in a position to assess whether he or she is should be discussing with the mortgage broker, vendor’s lawyers, estate agents or possibly all parties given the circumstances your conveyancing as of today.
Do all mortgage companies provide you with an approved list of Ludlow conveyancing solicitors? How do you know who is on the RBS conveyancing panel?
Ludlow conveyancing firms themselves provide us confirmation that they are on the RBS conveyancing panel as opposed to being supplied with a list from RBS directly.
I am purchasing a new build house in Ludlow with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not disclose to my solicitor about the extras as it will adversely affect my loan with Chelsea Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Last December I purchased a leasehold flat in Ludlow. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a 2 bed flat in Ludlow, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Ludlow with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2101
With only 75 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing 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 may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
My 20yr old son is just in the process of moving home, he had his mortgage in principle. One the seller agreed the offer on the house we rang the mortgage company to issue the formal offer. I was shocked to discover that banks do not accept all lawyer, they must be on their panel, is this correct?
Lenders ordinarily restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Ludlow solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.