I am nearing exchange of contracts for my ground floor flat in Maxton and the estate agent has just e-mailed to warn that the buyers are appointing a new conveyancer. The excuse is that the mortgage company will only engage with solicitors on their approved list. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Maxton ?
Banks have always had panels of law firms that can act for them, but in recent 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 15 years.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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. Some 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. The purchasers are unlikely to have any impact on this.
What does a local search inform me concerning the house my wife and I purchasing in Maxton?
Maxton conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for example Onsearch The local search plays an important role in many a Maxton conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
Due to the guidance of my in-laws I had a survey completed on a house in Maxton ahead of instructing conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies will not issue a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Maxton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Maxton to see if the conveyancing will be more expensive.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in Maxton and how can you help?
The 1954 Act provides protection to commercial tenants, granting the a statutory right to make a request to court for a new lease and continue in occupation at the end of an expired lease. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and handle your commercial conveyancing in Maxton
Last January I purchased a leasehold house in Maxton. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a studio flat in Maxton, conveyancing was carried out in 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Maxton with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2097
You have 72 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
I am due to consider quotes for conveyancing in Maxton from three lawyer and decide on one. Am I right to instruct them to sit tight until I a suitable house to buy.
You should wait to ask your lawyer to open a file and apply for searches after the offer has been accepted on the property especially as Maxton conveyancing searches are a couple of hundred pounds.