I am selling my ground floor flat in Silsworth and the EA has just called to warn that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major lender only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Silsworth ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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. Plenty of firms do not even realise 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 sway in the decision.
Do I need to attend the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Silsworth so that I can pop in to their offices if required.
As opposed to ten years ago, almost all lenders no longer oblige their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to hand over identification documents and there are still manifest advantages to using a locally based practitioner, in your case a conveyancing solicitor in Silsworth.
The estate agent has sent us the confirmation of our purchase of a new build flat in Silsworth. Conveyancing is a frightening process 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 are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Silsworth
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, no chain conveyancing. Silsworth is the location of the property. Can you shed any light on this issue?
Flying freeholds in Silsworth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Silsworth you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Silsworth may decide 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 property.
Frank (my husband) and I may need to let out our Silsworth 1st floor flat for a while due to a new job. We instructed a Silsworth conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Silsworth do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I invested in buying a split level flat in Silsworth, conveyancing having been completed March 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Silsworth with a long lease are worth £255,000. The ground rent is £45 yearly. The lease terminates on 21st October 2098
With 73 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
How much experience do your Silsworth conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Silsworth conveyancing lawyers help thousands of buyers move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Silsworth conveyancers have worked on recent similar cases.