I am six weeks into the sale of my flat in Madeley and the EA has just telephoned to say that the purchasers are changing their law firm. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. On what basis would a leading lender only work with certain lawyers rather the firm that they want to select to handle their conveyancing in Madeley ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are not going to have any sway in the decision.
Can the conveyancing solicitors via your comparison service handle attended exchange conveyancing in Madeley?
There are a few conveyancing specialists carrying out one day exchanges. Please e-mail us to get a costs illustration and details as to availability.
Will commercial conveyancing searches reveal proposed roadworks that may impact a commercial estate in Madeley?
Its becoming the norm that commercial conveyancing solicitors in Madeley will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Madeley. The search result provides 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 Madeley.
For each commercial conveyancing transaction in Madeley it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Madeley commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Madeley.
Just had an offer accepted on a new build flat in Madeley. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Madeley
-
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. 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. 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. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Due to the guidance of my in-laws I had a survey completed on a house in Madeley ahead of instructing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks may not issue a mortgage on this type of home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used 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 am a negotiator for a long established estate agent office in Madeley where we see a few 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 firms. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchaser.
I own a ground floor flat in Madeley, conveyancing having been completed November 2007. 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? Equivalent flats in Madeley with an extended lease are worth £170,000. The ground rent is £50 yearly. The lease ends on 21st October 2104
With 79 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.