Can you clarify what the consequences are if my lawyer’s firm is removed from the Skipton Solicitor panel ahead of completing my conveyancing in Ouston?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm the only recipient of my late mum's will with all property in now in my sole name, including the house in Ouston. Conveyancing formalities meant that the Land Registry date was in February. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship will be treated the same way as if I'd bought the house in February. Do I have to wait half a year to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. many lenders would take a practical view as this obligation primarily exists to capture the purchase and immediately sell or the flipping of properties.
My wife and I have arranged a further advance on our mortgage from Bank of Ireland as we want to carry out improvements to our home in Ouston. Are we obliged to choose a bricks and mortar Ouston solicitor on the Bank of Ireland conveyancing panel to deal with the paperwork?
Bank of Ireland do not ordinarily require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland conveyancing panel.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a Ouston lawyer on the Yorkshire BS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
three months have elapsed following my purchase conveyancing in Ouston completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing my first flat in Ouston with a loan from Barclays . The developers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not to tell my solicitor about this deal as it would adversely affect my loan with the lender. Should I keep quiet?.
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.
I am looking for a ground for flat up to £245,000 and found one near me in Ouston I like with amenity areas and transport links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Ouston for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
What advice can you give us when it comes to finding a Ouston conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Ouston conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Ouston conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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Can they put you in touch with clients in Ouston who can give a testimonial? How many lease extensions have they carried out in Ouston in the last 12 months?
I bought a leasehold flat in Ouston, conveyancing formalities finalised in 2012. How much will my lease extension cost? Comparable properties in Ouston with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2083
You have 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.