Is the fact that my conveyancer in Penzance is not identified on my lender's solicitor panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters 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. If you are concerned you should contact the Penzance conveyancing practice and enquire why they are no longer on the approved list for your lender.
Do I need to pay for insurance to address the risk of chancel repairs when acquiring a residence in Penzance?
Unless a prior purchase of the premises took place post 12 October 2013 you could assume that lawyers delivering conveyancing in Penzance to remain encouraging a chancel search and or chancel repair liability policy.
I'm purchasing a new build house in Penzance with the aid of help to buy. The builders refused to move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not to tell my conveyancer about the deal as it could put at risk my loan with the bank. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a quick, no chain conveyancing. Penzance is the location of the property. Is there any guidance you can give?
Flying freeholds in Penzance are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Penzance you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penzance 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.
I'm remortgaging my primary property to a buy to let mortgage with Barnsley Building Society and intend to use the remaining equity towards a second property. The neighborhood we are talking about is Penzance. Will your lawyers be able to act for both sets of mortgage companies and tie in the conveyances?
Do use our search tool on this page to check that the solicitors are on the appropriate lender panels. Having checked that they are the solicitor should be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and make apparent your expectations and needs.
I am a negotiator for a long established estate agency in Penzance where we have witnessed a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Penzance conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a ground floor flat in Penzance, conveyancing having been completed half a dozen years ago. 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 properties in Penzance with a long lease are worth £216,000. The ground rent is £50 per annum. The lease ceases on 21st October 2094
With just 68 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account 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.