Am I correct in assuming that the fact that my solicitor in Penkridge is not on my lender's conveyancing panel that there is a problem with the quality of the firm’s work?
It would be unwise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Penkridge conveyancing practice and ask them why they are no longer on the approved list for your lender.
We see that you have a search directory identifying law firms on the UBS conveyancing panel. Do companies pay you a commission if I retain them for our own conveyancing in Penkridge?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Penkridge.
three months have gone by since my purchase conveyancing in Penkridge took place. I have checked the Land Registry website which shows that I paid £175,000 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 asset 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.
About to purchase a new build apartment in Penkridge. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Penkridge
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Penkridge is the location of the property. Can you offer any opinion?
Flying freeholds in Penkridge are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penkridge you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penkridge may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Can you provide any advice for leasehold conveyancing in Penkridge from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Penkridge can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ representatives. If you hold a share in a the freehold, you should ensure that you have the original share document. Organising a replacement share certificate is often a time consuming process and delays many a Penkridge conveyancing deal. Where a new share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved. Many landlords or managing agents in Penkridge charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Penkridge. A minority of Penkridge leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
I own a basement flat in Penkridge, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Penkridge with a long lease are worth £171,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2104
With just 79 years unexpired we estimate the price of your lease extension to be between £7,600 and £8,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.