My husband and I are purchasing a 3 bedroom apartment in Market Bosworth with a mortgage. We like our Market Bosworth conveyancer, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel firms or continue with our Market Bosworth solicitor as well as pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Market Bosworth conveyancing lawyer to apply to be on the conveyancing panel.
My lawyer has informed me that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Market Bosworth?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
Is it the case that all Market Bosworth solicitor firms on the Barclays conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the SRA. The majority of lenders do list licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
My husband and I have organised a further advance on our mortgage from Principality as we want to conduct improvements to our property in Market Bosworth. Are we obliged to choose a nearby Market Bosworth solicitor on the Principality conveyancing panel to deal with the legals?
Principality do not ordinarily require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality conveyancing panel.
It has been five months following my purchase conveyancing in Market Bosworth concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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.
Just had an offer accepted on a new build apartment in Market Bosworth. Conveyancing is daunting 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 legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Market Bosworth
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. 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.
I opted to have a survey done on a house in Market Bosworth prior to instructing solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some lenders will not issue a loan on this type of premises.
It varies from the lender to lender. HSBC has different requirements from Halifax. 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 Market Bosworth. Conveyancing will be smoother if you use a solicitor in Market Bosworth especially if they are accustomed to such properties in Market Bosworth.
If all goes to plan we aim to complete our sale of a £425,000 maisonette in Market Bosworth next Monday. The freeholder has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Market Bosworth?
Market Bosworth conveyancing on leasehold apartments more often than not necessitates the purchaser’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They may charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to sell the property.
I am the registered owner of a ground floor flat in Market Bosworth, conveyancing having been completed September 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Market Bosworth with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2102
You have 77 years remaining on your lease we estimate the premium for your lease extension to span 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 renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures 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. Please do not take any other action placing reliance on this information before getting professional advice.