We wanted to use a property lawyer in Rawtenstall for our house purchase. Our financial adviser informed us that our bank Godiva Mortgages Ltd won't deal with them. Surely this is unfair competition?
Before the recession most banks had a different appetite for risk. Almost all Rawtenstall conveyancing firms would have been on most bank panels. The FSA in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms relating to their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum volume of transactions. Many Rawtenstall conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Rawtenstall is one of the numerous locations where the solicitors we recommend are on the panel for Godiva Mortgages Ltd.
What is the difference between a licensed conveyancer and conveyancing solicitor in Rawtenstall
There are two types of lawyers who can perform conveyancing in Rawtenstall namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that required to complete the sale or purchase of property. Both are required to carry out Rawtenstall conveyancing on similar standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly carried out and that all requisite procedures will be accurately attended to.
My stepmother informed me that in purchasing a property in Rawtenstall there could be a number of restrictions preventing external changes to a property. Is this right?
We are aware of a number of properties in Rawtenstall which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Rawtenstall should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Rawtenstall solicitor firms on the Virgin Money conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
I have been told that property searches are the main reason for stalling in Rawtenstall conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Rawtenstall.
My wife and I have a renovated Edwardian house in Rawtenstall. Conveyancing solicitor represented me and Britannia. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rawtenstall and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the position with your conveyancing solicitor who conducted the work.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one close by in Rawtenstall I like with a park and transport links in the vicinity, however it only has 51 years unexpired on the lease. I can't really find anything else in Rawtenstall for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
What are your top tips when it comes to finding a Rawtenstall conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Rawtenstall conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Rawtenstall conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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If the firm is not ALEP accredited then what is the reason? How many lease extensions have they completed in Rawtenstall in the last twenty four months?
I acquired a leasehold flat in Rawtenstall, conveyancing formalities finalised 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? Equivalent flats in Rawtenstall with an extended lease are worth £216,000. The ground rent is £50 per annum. The lease ends on 21st October 2095
With just 69 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.