I am purchasing a maisonette in Sherwood. My lawyer is not on the mortgage company solicitor panel. Am I still permitted to continue with my Sherwood conveyancing solicitor notwithstanding that they are not on the bank list of approved lawyers?
One will need to appoint a conveyancer to deal with the formalities if you need a loan to buy your home. The conveyancer will conduct all the necessary due diligence on the property, make sure that you will be registered as proprietor and ensure that all the required mortgage paperwork is dealt with. You may appoint a Sherwood solicitor of your choosing. Nevertheless, where the conveyancer selected is not on the mortgage company approved list further fees will arise as separate legal representation will be need by the mortgage company. Lender panel applications can be submitted, so where your conveyancer has not in the past sought membership they can do so.
Having sold my house in Sherwood last August but our buyer keeps whats apping every few hours to moan that her lawyer needs to hear from mysolicitor. What should have happened following completion?
Post completion of your sale your lawyer should deliver the transfer documentation and all additional paperwork to the buyer’s conveyancer. If applicable, your lawyer should also evidence that the legal charge in favour of the lender has been discharged to the purchasers lawyers. There is unlikely to be post completion formalities peculiar conveyancing in Sherwood.
I am being advised by my lawyer that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Sherwood?
The right level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such policies.
After months of negotiation I have agreed a price on a house in Sherwood. My mortgage broker suggested a conveyancer. I paid an upfront payment of £200. A couple of days later, the lawyer called me embarrassingly acknowledging that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told two weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Sherwood is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
About to purchase a new build flat in Sherwood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Sherwood
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Forfeiture - bankruptcy or liquidation must not apply under this provision. 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 unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I am looking for a leasehold apartment up to £305k and identified one near me in Sherwood I like with open areas and station in the vicinity, however it's only got 49 remaining years left on the lease. There is not much else in Sherwood in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan that many years will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
What advice can you give us when it comes to finding a Sherwood conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Sherwood conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with several firms including non Sherwood conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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How experienced is the practice with lease extension legislation? If the firm is not ALEP accredited then what is the reason?
I am the registered owner of a 2 bed flat in Sherwood, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Sherwood with a long lease are worth £221,000. The ground rent is £50 levied per year. The lease comes to an end on 21st October 2095
With 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.