I am not well enough to travel far from Shefford. I would like to know the understand why all Shefford property lawyers aren't automatically on all mortgage company panels?
Even though it may seem unfair for mortgage companies to restrict who can act for them, from the public’s or solicitor’s point of view, the other side of the coin is that lending institutions are becoming ever more anxious and feel it crucial to defend themselves against illegal activities. As a consequence of this concern lenders have reduced their panel of approved conveyancing lawyers to a manageable size.
At what point does exchange of contracts occur in domestic conveyancing in Shefford and am I required to be at the solicitors office?
If you are round the corner to one of the conveyancing solicitors in Shefford you are invited in to sign documents. However, the law practices we work with provide countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when communicating with you digitally. The signing of the sale agreement is not the important part. A signed contract is necessary for the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Shefford)to be in the office at the appropriate time.
How do I find out if the solicitor handling my conveyancing in Shefford is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Coventry Building Society thus spending £175.00 in further conveyancing charges.
You should take advantage of the search tool on this page. Pick the lender and type ‘Shefford’ or your location and you will see numerous conveyancers located in Shefford or nearest you.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, no chain conveyancing. Shefford is the location of the property. What do you suggest?
Flying freeholds in Shefford are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shefford you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shefford may ascertain 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 residence.
I have been recommended by a couple of local property agents in Shefford to get a quote from a property lawyer using your seach tool. Is there a financial advantage for Estate Agents to recommend your services over and above a competitor’s?
We refuse to give any financial incentive for sending work to this site. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
My wife and I purchased a leasehold house in Shefford. Conveyancing and The Mortgage Works mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Shefford who acted for me is not around. Any advice?
The first thing you should do is make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Shefford conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a basement flat in Shefford, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Corresponding properties in Shefford with a long lease are worth £192,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2079
With only 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 plus legals.
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 due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.