It has come to my attention via my financial adviser that my Sandwich lawyer is not on the lender Conveyancing panel. How can I be certain if this is indeed the case?
Your first step should be to call your Sandwich lawyer directly. You lawyer should notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
My husband and I are acquiring a newly built duplex in Sandwich and my solicitor is informing me that she is duty bound to the mortgage company to reveal incentives from the seller. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are planning to acquire a house and need a conveyancing solicitor in Sandwich who is on the Leeds Building Society approved panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Leeds Building Society . We don't recommend any particular firms conducting conveyancing in Sandwich.
My fiance and I are hoping to buy a purpose built apartment in Sandwich with a homeloan from Clydesdale.We like our Sandwich conveyancing lawyer but Clydesdale advised that she’s not on their approved list of firms. We have to appoint a Clydesdale panel firm or keep our preferred solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Clydesdale use our lawyer?
Unfortunately,no. The loan offered to you is subject to its terms and conditions, one of which will be that lawyers needs to be on the Clydesdale solicitor panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Clydesdale
I need to instruct a conveyancing practitioner in Sandwich for my house move. Can I review a firm’s complaints history with the legal regulator?
Members of the public may search for documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions started on or after Jan 2008. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator may monitor call for training reasons.
I am tempted by the attractive purchase price for a two apartments in Sandwich which have about fifty years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Sandwich is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sandwich conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a ground floor flat in Sandwich, conveyancing formalities finalised March 2005. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Sandwich with a long lease are worth £190,000. The ground rent is £65 yearly. The lease terminates on 21st October 2085
With only 61 years left to run we estimate the premium for your lease extension to range between £19,000 and £22,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. 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 taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.