I can't travel far from Pitstone. What is the rationale as to why all Pitstone conveyancing practitioners aren't included on all bank panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders purging less reputable firms off their official list of approved conveyancing practitioners .
Please explain the implications if my lawyer’s firm is expelled from the UBS Solicitor panel ahead of completing my conveyancing in Pitstone?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Pitstone is where the house is located. Can you offer any advice?
Flying freeholds in Pitstone are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pitstone you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pitstone may ascertain 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 premises.
What does commercial conveyancing in Pitstone cover?
Commercial conveyancing in Pitstone incorporates a broad array of guidance, offered by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
Am I better off to use a Pitstone conveyancing lawyer in close proximity to the house I am buying? An old friend can conduct the conveyancing but her office is 300miles away.
The primary upside of using a local Pitstone conveyancing firm is that you can visit the firm to execute documents, deliver your identification documents and pester them if necessary. Having local Pitstone know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were content that must outweigh using an unknown Pitstone conveyancing solicitor solely due to them being round the corner.
Last December I purchased a leasehold property in Pitstone. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a 1st floor flat in Pitstone, conveyancing having been completed August 2010. Can you work out an approximate cost of a lease extension? Corresponding flats in Pitstone with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2085
With only 59 years remaining on your lease we estimate the price of your lease extension to be between £20,900 and £24,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.