I was told today by my estate agent that my Shifnal the law firm I have appointed is not on the bank Solicitor panel. What can I do to check?
The first thing you need to do is to call your Shifnal 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 conveyancing panel for your mortgage company.
As someone not used to conveyancing in Shifnal what’s your top tip you can impart concerning the legal transfer of property in Shifnal
You may not hear this from too many lawyers but conveyancing in Shifnal or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists plenty of room for confrontation between you and others involved in the legal transfer of property. E.g., the vendor, selling agent and on occasion your lender. Selecting a solicitor for your conveyancing in Shifnal is a critical decision as your conveyancer is your adviser, and is the SOLE person in the transaction whose responsibility is to protect your legal interests and to keep you safe.
Every so often a third party with a vested interest will try and sway you that it is in your interests to do things their way. As an example, the property agent may claim to be assisting by claiming that your solicitor is wrong. Or your financial adviser may tell you to do something that is contrary to your solicitors recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Just had an offer accepted on a new build apartment in Shifnal. 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 legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Shifnal
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Shifnal I like with a park and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Shifnal in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
What is different about your site and alternative internet conveyancing solicitors when it comes to conveyancing in Shifnal?
At this site secure a fixed fee quote via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Shifnal. As opposed to estate agents and brokerage sites we do not operate commission arrangements with solicitors. Many agents and online brokers 'recommend' the firm who pay the highest per referral, as opposed to the best value conveyancing in Shifnal
We own a leasehold flat in Shifnal. Conveyancing was finalised in last year. I have heard that I mustn’t let the lease length get too low. What is the reasoning?
Shifnal leasehold properties are for a prescribed term - often ninety nine years when they started. However many appartments in Shifnal were built or converted 35 or more years ago and so these leases now have under 80 years unexpired. This may sound like plenty of time but Banks, Building Societies and other mortgage companies tend to require leases to have a minimum of 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To maximise your property value you should be considering whether or not to extend your lease well in advance of selling the property. You should note that there are strong financial reasons to doing so before the lease hits 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to increase.