I am not well enough to travel far from Luton. Can you please explain the reason why all Luton lawyers are not on all bank panels?
Before the recession most banks had an approach to risk which is different than today. The financial regulator in 2010 carried out a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. Accordingly, lenders have subsequently soughtmore information from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of amount of transactions the mortgage companies set.
Are the Luton conveyancing solicitors identified as being on the HSBC conveyancing panel, together with their details provided by HSBC?
Luton conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
We previously selected solicitors based in Luton on the Coventry BS solicitor approved list. They are now charging me a further charge for handling the Coventry BS mortgage. Is this an additional conveyancing fee specified by Coventry BS?
Provided it is contained in their Terms and Conditions or Quote then yes your solicitor is entitled to charge a fee for this. The fee is not dictated by Coventry BS but by your Luton property lawyer. Plenty of firms on the Coventry BS panel will charge ’dealing with mortgage’ fee and others do not.
I have paid off my mortgage with Lloyds. I assume I don't need a Luton property lawyer on the Lloyds panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
Santander have agreed my mortgage in principle, my offer on a property in Luton has been agreed to, what happens next?
Your estate agent will need to be informed of your solicitor's details (ensure that the conveyancing practitioners are on the lender’s approved list). Telephone Santander or the broker and finish off any relevant paperwork. Santander will sellect a valuer who will get in touch with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Santander will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Luton.
Do commercial conveyancing searches reveal proposed roadworks that may impact a commercial property in Luton?
Many commercial conveyancing solicitors in Luton will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Luton. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Luton.
For every commercial conveyancing transaction in Luton it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Luton commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Luton.
About to purchase a new build flat in Luton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Luton
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
Last May I purchased a leasehold flat in Luton. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element 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 am the registered owner of a split level flat in Luton, 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 Luton with an extended lease are worth £216,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2094
With just 68 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 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 provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.