Completed the sale of my flat in North Somerset last July but my buyer keeps telephoning me complaining that his conveyancer needs to hear from mylawyer. What are the post completion sale formalities now that I have sold?
Following your sale your solicitor is duty bound to deliver the transfer deeds and all additional paperwork to the purchaser's lawyers. If applicable, your solicitor should also send confirmation that the home loan has been discharged to the buyers conveyancers. There is unlikely to be post completion requirements peculiar conveyancing in North Somerset.
The North Somerset conveyancing solicitors that I recently instructed on my purchase in North Somerset have without warning closed. I only went with them because I needed a firm on the Nottingham conveyancing panel and my family North Somerset lawyer was not. I paid them £170 in advance. What should be my next steps?
If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.
I am buying my first flat in North Somerset with a mortgage from National Westminster Bank. The builders would not reduce the price so I negotiated £7000 of extras instead. The sale representative told me not to tell my conveyancer about this deal as it would impact my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a property in North Somerset ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies will refuse to give a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in North Somerset. Conveyancing may be slightly more expensive based on your lender's requirements.
We are 14 days into a leasehold purchase having been recommend to a firm by the high street agent to perform conveyancing in North Somerset. I am not happy. Could you you assist me in finding new conveyancers?
They would need to be very bad to suggest replacing them. Has your mortgage been generated? If so you need to advise them of the new contact details and ensure the loan are issued to the new lawyers. Your new solicitor ideally needs to be on the mortgage company approved list to avoid escalating charges and frustration. That should be your starting point. Our find a solicitor tool will help you find a bank approved solicitor for your conveyancing in North Somerset
I've recently bought a leasehold house in North Somerset. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 be sure 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 own a 1 bedroom flat in North Somerset, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in North Somerset with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2080
With only 54 years unexpired we estimate the premium for your lease extension to range between £32,300 and £37,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.