I am nearing exchange of contracts for my house in Shirebrook and the estate agent has just telephoned to advise that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Shirebrook ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are not going to have any impact on this.
We have rather assertive sellers who has insisted on a lock out contract with a down payment 6,000. Are such arrangements promoted for Shirebrook conveyancing transactions?
This type of contract is unusual in Shirebrook, conveyancers are not keen on them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the solicitor is left exposed. Furthermore, there is no certainty that just because the owner has executed an exclusivity agreement they will complete the sale with you. They may be in contravention of the agreement if they receive a big enough incentive to do so because an aggrieved party with the benefit of a lockout agreement will still be legally obliged to establish consequential losses from the breach and these may not equalise the extra amount that your vendor may secure by breaking the agreement, no matter how morally unworthy the behaviour is.
I have todaybecome aware that Stirling Law have been shut down. They carried out my conveyancing in Shirebrook for a purchase of a leasehold apartment 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The easiest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Shirebrook conveyancing specialists.
I am purchasing my first flat in Shirebrook with the aid of help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my conveyancer about this extras as it will impact my loan with Santander. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am a negotiator for a busy estate agency in Shirebrook where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Shirebrook conveyancing solicitors. Could you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a leasehold flat in Shirebrook, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Shirebrook with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2098
With only 73 years left to run the likely cost is going to span between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns 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 based on this information without first seeking the advice of a professional.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Shirebrook. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Shirebrook are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Shirebrook so you should seriously consider shopping around for a Shirebrook conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.