Am I correct in assuming that the fact that my solicitor in Malvern is not identified on my mortgage company's conveyancing panel that there is a problem with the standard of the firm’s work?
That is most likely a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Malvern conveyancing firm and ask them why they are no longer on the approved list for your lender.
At what point will exchange of contracts occur in domestic conveyancing in Malvern and do I need to be at the conveyancers branch?
If you are near to our conveyancing solicitors in Malvern you are welcome to attend to sign contracts. However, the lender approved solicitors we work with provide countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when dealing with you by post or email. The executing of the sale agreement is not the critical part. A signed contract is necessary for the conveyancer to exchange contracts at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Malvern)to be in the office available at the end of the phone to exchange contracts.
It has been 2 months following my purchase conveyancing in Malvern concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Malvern benefiting from help to buy. The builders refused to reduce the amount so I negotiated 6k of additionals instead. The estate agent told me not reveal to my lawyer about the deal as it would adversely affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance 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.
I am tempted by the attractive purchase price for a two maisonettes in Malvern which have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Malvern is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Malvern conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 1st floor flat in Malvern, conveyancing having been completed 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Malvern with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease runs out on 21st October 2095
With 69 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
My nephew is just in the process of moving home, the home loan was agreed last week in principle. After the seller agreed the offer on the house we telephoned the building society to issue the formal offer. I was disappointed to hear that banks do not accept all conveyancer, they need to be on their approved list, is this legal?
Lenders tend to imposes restrictions either the type or the number of conveyancing practices on their panel. A common example 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 Malvern 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? Unlikely.