I am progressing with the sale of my apartment in Market Deeping and the estate agent has just telephoned to say that the purchasers are switching solicitor. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Market Deeping ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your buyers are unlikely to have any impact on this.
Should our lawyer be raising enquiries concerning flooding during the conveyancing in Market Deeping.
Flooding is a growing risk for solicitors dealing with homes in Market Deeping. There are those who buy a house in Market Deeping, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a number of searches that can be initiated by the purchaser or by their lawyers which will figure out the risks in Market Deeping. The standard completed inquiry forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to find out if the premises has suffered from flooding. If flooding has previously occurred and is not notified by the vendor, then a buyer could commence a claim for damages resulting from an inaccurate reply. The buyer’s lawyers should also commission an enviro search. This will higlight whether there is a recorded flood risk. If so, further investigations should be conducted.
How does conveyancing in Market Deeping differ for newly converted properties?
Most buyers of new build or newly converted property in Market Deeping come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Market Deeping typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Market Deeping or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Market Deeping is where the house is located. Can you offer any guidance?
Flying freeholds in Market Deeping are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Market Deeping you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Market Deeping may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What does commercial conveyancing in Market Deeping cover?
Commercial conveyancing in Market Deeping incorporates a wide array of services, provided by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I am looking at a two maisonettes in Market Deeping both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena.
I bought a split level flat in Market Deeping, conveyancing formalities finalised in 1996. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Market Deeping with a long lease are worth £207,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2082
With only 57 years left to run we estimate the premium for your lease extension to be between £28,500 and £33,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues 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 without first seeking the advice of a professional.