I was told yesterday by my IFA that my Madeley solicitor is not on the bank Solicitor panel. What can I do to check?
Your first step should be to contact your Madeley lawyer directly. You lawyer should inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
Completed the sale of my flat in Madeley last June yet the purchaser is texting me complaining that his solicitor is waiting to hear from mysolicitor. What are the post completion sale legalities now that I have sold?
Following your sale your conveyancer should send the transfer deeds and all supplemental paperwork to the purchaser's lawyers. Where relevant, your solicitor should also evidence that the mortgage has been redeemed to the buyers solicitors. There is unlikely to be post completion tasks just for conveyancing in Madeley.
I am considering applying for a Lloyds mortgage for purchase of a new build (under development) in Madeley with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
There is nothing to stop you using your solicitor, but Lloyds will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Due to the encouragement of my in-laws I had a survey completed on a property in Madeley prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Santander has different instructions for example to Nationwide. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Madeley. Conveyancing will be smoother if you use a solicitor in Madeley especially if they regularly deal with such properties in Madeley.
I work for a long established estate agency in Madeley where we have experienced a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Madeley conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a basement flat in Madeley, conveyancing formalities finalised in 1997. Can you work out an approximate cost of a lease extension? Comparable properties in Madeley with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2080
With only 55 years remaining on your lease we estimate the premium for your lease extension to span between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
Are you able to clarify what options are open to me if my Madeley conveyancing searches reveals adverse entries?
Normally, most adverse entries that arise in Madeley conveyancing search responses can be handled in advance of completion or indemnity insurance could possibly be taken. You need to note that although you may be acquiring the property and might be willing to accept the search results, your mortgage lender may not, and ultimately the decision rests with them.