I am nearing exchange of contracts for my flat in Sefton and the EA has just called to advise that the purchasers are swapping solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a big named mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Sefton ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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. Some 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. Your purchasers are not going to have any impact on this.
Due to complete my purchase in Sefton next Thursday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not limited to conveyancing in Sefton.
Will commercial conveyancing searches reveal planned roadworks that may affect a commercial premises in Sefton?
Many commercial conveyancing solicitors in Sefton will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Sefton. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Sefton.
For each commercial conveyancing transaction in Sefton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Sefton commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Sefton.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Sefton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Sefton
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
My wife and I purchased a leasehold flat in Sefton. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Sefton who previously acted has now retired. What should I do?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to incur the fees of a Sefton conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a 1st floor flat in Sefton, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Sefton with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2095
With 70 years left to run we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do 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. You should not take any other action based on this information without first seeking the advice of a professional.
We are FTB’s just having agreed a price on a property in Sefton, and are now looking to get solicitors instructed. I have made use of the various rating tools and the quotes are from all across the England and Wales. Is it necessary to have a Sefton lawyer local to the prospective new home? I am content to do all the communicating over the internet, but I am thinking at some stage we will be required to visit the conveyancing practitioner's office to sign documents?
The lawyer does not need to be in Sefton, but opting for local means that you have the option to go in if you need to, for instance, if a signature is needed urgently. Furthermore, a Sefton solicitor is likely to be familiar with local agents and (if the vendor has chosen a local solicitor) with them, which will help smooth the process.