I am in the process of selling my home in Queensferry and the EA has just e-mailed to warn that the buyers are changing their conveyancer. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Queensferry ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
I am need of leasehold conveyancing for a flat in a relatively new development (five years built) in Queensferry. The vast majority the flats are already disposed of. Is it really necessary to order local searches for my conveyancing in Queensferry?
A big part of the Queensferry legal transfer of property is the conveyancing searches. There are numerous search providers who offer Queensferry conveyancing searches, as well direct from the local authority. These are usually referred to as personal search companies due to them carrying out, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must secure their information from the local authority.
It is is a decade since I purchased my property in Queensferry. Conveyancing lawyers have recently been retained on the sale but I am unable to locate the deeds. Is this a major issue?
You need not be too concerned. First there is a chance that the deeds will be kept by the mortgage company or they could still be with the solicitor who oversaw your purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in Queensferry relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Queensferry I like with a park and station in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Queensferry for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan that many years may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
In searching the web for the words conveyancing in Queensferry it shows results of numerous property lawyersin the vicinity. How do I determine which is the suitable property lawyer for the sale of my house?
The preferential method of seeking a suitable conveyancer is through a personal referral, so ask colleagues and those you trust who have purchased a property in Queensferry or the reputable estate agent or financial adviser. Fees for conveyancing in Queensferry differ, so it's a good idea to request a minimum of four fee calculations from varying types of conveyancers. Dont forget to clarify that the costs are guaranteed not to increase.
Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Queensferry. I need to get lease extension but my freeholder is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the landlord. For most situations an enquiry agent may be helpful to try and locate and to produce a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the application to the County Court covering Queensferry.
I invested in buying a 2 bed flat in Queensferry, conveyancing was carried out in 2006. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Queensferry with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2086
With 60 years left to run we estimate the price of your lease extension to span between £20,000 and £23,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.