I am one month into the sale of my apartment in Oldland and the estate agent has just telephoned to warn that the purchasers are swapping conveyancer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. Why would a big named lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Oldland ?
Banks have always had an approved set of law firms they are willing to work with, but in the past 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 many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 buyers are unlikely to have any sway in the decision.
I have recentlybecome aware that Wolstenholmes have closed. They carried out my conveyancing in Oldland for a purchase of a leasehold apartment 18 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The easiest way to see if the property is in your name, you can carry out 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 Oldland conveyancing specialists.
About to purchase a new build flat in Oldland. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Oldland
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. Please confirm the Lease plans are architect prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Oldland I like with amenity areas and station nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Oldland for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
My father-in-law has urged me to instruct his conveyancers in Oldland. Should I find my own conveyancer?
Much as we are happy to recommend a Oldland conveyancing lawyer it’s preferable to select a conveyancing practitioner is to have recommendations from friends or family who have actually previously instructed the solicitor you're considering.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Oldland. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Oldland are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are buying in Oldland so you should seriously consider looking for a Oldland conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor will appraise you on the various issues.
I inherited a 1 bedroom flat in Oldland, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Oldland with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2102
With 77 years unexpired we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.