is it true that all Marshfield conveyancing solicitors on the Barclays conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the SRA. Many banks do permit licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
I recently had an offer agreed on a house in Marshfield. My mortgage broker pressured me to appoint their conveyancing practitioner. I paid an upfront payment of £150. A few days later, the property lawyer called me embarrassingly acknowledging that they were not on the Bank of Ireland conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Bank of Ireland panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Our offer on a house in Marshfield has been agreed to, but there is a chain. The owners have offered on on an apartment, however it’s not been accepted yet, and are looking at other flats in the pipeline. I have instructed a local conveyancing solicitor in Marshfield. What do I do now? At what point do I apply for the mortgage with Barclays?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then valuation, Marshfield conveyancing search fees, etc). First, you should check that your property lawyer is on the Barclays approved list. Regarding the next stages this very much dictated by the specifics of your case, motivation for this property and on the state of the market. During a rising market some buyers will apply for a home loan with Barclays and arrange for the valuation and only if it comes back ok would they ask their property lawyer to move forward with the conveyancing in Marshfield.
I need some fast conveyancing in Marshfield as I have an ultimatum to exchange contracts inside 3 weeks. A home loan is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are are a cash buyer you are at free not to do searches although no law firm would suggest that you don't. Drawing on our experience of conveyancing in Marshfield the following are instances of what can show up and therefore affect future saleability: Refused Planning Applications, Outstanding Fees, Overdue Grants, Railway Schemes,...
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Marshfield is the location of the property. Is there any guidance you can give?
Flying freeholds in Marshfield are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Marshfield you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Marshfield may decide 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 premises.
My husband and I are FTB’s - agreed a price, but the estate agent told us that the seller will only go ahead if we instruct their recommended lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a local conveyancer with experience of conveyancing in Marshfield
We suspect that the owner is not behind this request. Should the seller require ‘a quick sale', alienating a motivated buyer is is going to put the whole deal at risk. Speak to the vendors direct and make sure they comprehend that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you will continue to use your preferred Marshfield conveyancing firm - not the ones that will give their negotiator at the agency a introducer fee or hit his conveyancing figures pre-set by senior management.
I am employed by a busy estate agency in Marshfield where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Marshfield conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 inherited a 1st floor flat in Marshfield, conveyancing was carried out December 2008. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Marshfield with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2089
With only 64 years remaining on your lease we estimate the premium for your lease extension to span between £14,300 and £16,400 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
I dont have enough spare funds to pay a 10% deposit on my house purchase in Marshfield , but I am anxious proceed. What can I do?
You can accept a lower deposit. Most vendors will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute