I was notified recently by my IFA that my Reading lawyer is not on the bank Conveyancing panel. How can I be sure whether this is correct?
The best course of action for you to take is to call your Reading conveyancer. You lawyer should advise you of the situation. If they are not on the panel they may recommend you to a Reading conveyancing practice that is on the approved list of lawyers for your bank.
I am considering refinancing my house in Reading, does my lawyer need to be on the Leeds Building Society Conveyancing panel?
In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Various web forums that I have frequented warn that are the number one reason for stalling in Reading house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Reading.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Reading is where the house is located. What do you suggest?
Flying freeholds in Reading are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Reading you must be sure that your lawyer goes 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 Reading 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 have been advised by a few estate agents in Reading to get a quote from a property lawyer using your seach tool. Is there a financial upside for Estate Agents to recommend your site over alternative conveyancing organisations?
We don’t give any referral fee for sending work our way. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I own a leasehold flat in Reading. Conveyancing and Lloyds TSB Bank mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Reading who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Reading conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the registered owner of a split level flat in Reading, conveyancing formalities finalised in 1996. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Reading with an extended lease are worth £176,000. The ground rent is £50 per annum. The lease ends on 21st October 2106
You have 80 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.