I am nearing exchange of contracts for my flat in Penkridge and the EA has just text me to say that the buyers are appointing a new law firm. The reason given is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major mortgage company only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in Penkridge ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened 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 says it is being contacted daily by practices that have been removed from panels. Some do not even realise 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.
4 months have gone by since my purchase conveyancing in Penkridge concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 have been on the look out for a leasehold apartment up to £305k and found one round the corner in Penkridge I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Penkridge for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I am looking for a conveyancing practitioner in Penkridge for my sale. Can I review a firm’s record with the profession’s regulator?
You may search for presented Solicitor Regulator Association (SRA) decisions arising from investigations started on or after 1 January 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator may monitor call for training purposes.
In relation to leasehold conveyancing in Penkridge what are the most common lease defects?
Leasehold conveyancing in Penkridge is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Bank of Scotland, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I invested in buying a studio flat in Penkridge, conveyancing formalities finalised December 2011. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Penkridge with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2098
With just 73 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Estate agents have just been given the go-ahead to market my garden flat in Penkridge.Conveyancing has not commenced but I have just received a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as usual given that all rents and service invoices will be allottedon completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process