I had intended to instruct a property lawyer in Parkwood Springs for our house move. Our financial adviser informed us that our bank Aldermore won't deal with them. Why is this not regarded as unfair competition?
Lenders normally imposes restrictions either the category or the number of conveyancing practices on their approved list of lawyers. A common example of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, a few lenders have decided to limit the amount of solicitor practices they use to represent them. Be aware that Aldermore have no responsibility for the quality of advice provided by any member of Aldermore Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels since 2008 even though there are mixed views concerning the level of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Parkwood Springs only carry out very few conveyances per annum.
My colleague advised me that where I am purchasing in Parkwood Springs I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Parkwood Springs conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Parkwood Springs around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Parkwood Springs Education with maps and statistics, Local Amenities and other useful information about Parkwood Springs.
How does conveyancing in Parkwood Springs differ for newly converted properties?
Most buyers of new build residence in Parkwood Springs come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Parkwood Springs tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Parkwood Springs or who has acted in the same development.
I'm refinancing my existing house to a BTL mortgage with Coventry Building Society and I will use the ballance of the raised equity as a down payment on a second house. The area we are talking about is Parkwood Springs. Will your conveyancers be able to act for both sets of lenders and tie in the conveyances?
Do use our comparison tool on this page to be sure that the solicitors are on the appropriate lender panels. On the basis that they are the lawyer should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you solicitor and make apparent your desired outcome and requirements.
My partner and I may need to rent out our Parkwood Springs garden flat temporarily due to a career opportunity. We used a Parkwood Springs conveyancing firm in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A lease governs relations between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Parkwood Springs do not prevent subletting altogether – such a provision would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I inherited a ground floor flat in Parkwood Springs, conveyancing formalities finalised in 1998. How much will my lease extension cost? Comparable flats in Parkwood Springs with a long lease are worth £186,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2079
With 53 years remaining on your lease the likely cost is going to be between £27,600 and £31,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive 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 before getting professional advice.
My wife and I plan to acquire our first house in Parkwood Springs. Conveyancing lawyer already selected. The mortgage adviser advised that a survey is not necessary as the house is only 17 years old.
You would be well advised to undertake a Home Buyer's Report. As the premises is more than 10 years old the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report could be sufficient. The report should highlight any obvious problems and suggest additional investigation if relevant. If there are any signs of problems obtain a comprehensive structural survey.