Can you clarify what the consequences are if my solicitor is expelled from the Bank of Ireland Solicitor panel ahead of completing my conveyancing in Rutland?
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 for a fee.
My relative recommended that if I am buying in Rutland I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Rutland conveyancing searches. It is a large document of about 40 pages, listing and detailing important information about Rutland around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Rutland Education with maps and statistics, Local Amenities and other useful data about Rutland.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Rutland I like with a park and station in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Rutland suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My husband and I are FTB’s - had an offer accepted, but the selling agent informed us that the owners will only move forward if we use their preferred conveyancers as they want a ‘quick sale’. We would rather use a high street solicitor used to conveyancing in Rutland
It is highly unlikely the sellers are driving this. Should the owner want ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Contact the vendors directly and explain that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Rutland conveyancing solicitors - not the ones that will give their estate agent a referral fee or achieve conveyancing targets pre-set by corporate headquarters.
I have recently realised that I have 62 years remaining on my lease in Rutland. I am keen to extend my lease but my landlord is missing. What options are available to me?
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 lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the landlord. In some cases a specialist should be useful to conduct investigations and to produce a report to be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Rutland.
I acquired a leasehold flat in Rutland, conveyancing was carried out 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Rutland with a long lease are worth £222,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2096
You have 71 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as costs.
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. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Much to my surprise my property lawyer in Rutland has requested from me ID documents stating that this forms part of his obligations as a solicitor on the bank Solicitor panel. Can this be correct?
Anti-terror and anti-money-laundering rules require Rutland conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the lender also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the mortgage company's UK Finance Lenders’ Handbook requirements