I am nearing exchange of contracts for my ground floor flat in Market Deeping and the EA has just text me to advise that the purchasers are switching property lawyer. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a major lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Market Deeping ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
I am the registered owner of a freehold residence in Market Deeping yet invoiced for rent, why is this and what is this?
It is rare for properties in Market Deeping and has limited impact for conveyancing in Market Deeping but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I have todayfound out that Arc property Solicitors have closed. They carried out my conveyancing in Market Deeping for a purchase of a leasehold apartment 12 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The quickest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Market Deeping conveyancing specialists.
As co-executor for the estate of my grandmother I am selling a house in Swansea but I am based in Market Deeping. My lawyer (who is 300 kilometers awayrequires that I sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Market Deeping to attest this legal document for me?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will suffice regardless of whether they are Market Deeping based
I work for a long established estate agent office in Market Deeping where we see a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Market Deeping conveyancing firms. Can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 need not have to sit tight for 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 at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
I inherited a split level flat in Market Deeping, conveyancing was carried out May 2011. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Market Deeping with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2081
You have 55 years unexpired the likely cost is going to be between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
I need to change lawyers as my Market Deeping lawyer is not on the lender's approved list of conveyancing solicitors. Is it advisable to appoint a new law firm?
In the event that you have not formally appointed a solicitor to do anything for you and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Market Deeping that you're thinking of instructing.