My husband and I are looking to acquire a flat in Overton and are in fact using a Overton conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this morning contacted us to advise us that there is now an issue as our Overton conveyancer is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Overton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My wife and I intend to remortgage our flat in Overton with Principality. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Principality conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Principality. This is solely used to protect Principality if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Principality had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I moved into my home on 14 February and the transaction details is yet to be registered. Should I be concerned? My conveyancing solicitor in Overton expressed confidence that it should be recorded in less than a month. Are transfers in Overton uniquely lengthy to register?
As far as conveyancing in Overton is concerned, registration is no quicker or slower than anywhere else in the country. Rather than based on location, timescales can differ subject to the party submitting the application, whether there are errors and if the Land registry communicate with any other persons or bodies. As of today approximately 80% of submission are fully addressed within 12 days but occasionally there can be longer hold-ups. Registration takes place after the new owner is living at the premises thus an expedited registration is not typically primary concern yet if there is a degree of urgency associated with the registration then you or your conveyancer can contact the land registry and explain the circumstances.
Taking into account that I will soon part with £400,000 on 3 bedroom house in Overton I wish to have a conversation with the conveyancer regarding thehouse move in advance of appointing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer who will be conducting your property ownership legalities in Overton.There is no ‘factory style conveyancing’ - each client is unique individual, not a case number. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Overton should be the figure that you end up paying.
There are only 68 years unexpired on my lease in Overton. I now want to extend my lease but my freeholder is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to find the landlord. In some cases an enquiry agent may be useful to try and locate and prepare a report to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Overton.
I own a ground floor flat in Overton, conveyancing having been completed April 1995. 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? Comparable flats in Overton with an extended lease are worth £207,000. The ground rent is £60 levied per year. The lease ends on 21st October 2083
With 57 years unexpired we estimate the price of your lease extension to span between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I have been searching for Overton competitive conveyancing fees. Can I be sure that all the Overton firms that are listed on your site are on the mortgage company conveyancing panel?
The law firms on our directory have advised us that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the lender panel. To date we have not been informed by either a lender or a member of the public that the data about a specific Overton firm being on the lender conveyancing panel is not accurate.