My wife and I are due to exchange buying a house in Soham but as a result of damage from the recent storms I have was able negotiate recompense from the vendor in the sum of £2k by way of a deduction in the price. I had intended this to be dealt with as part of a side agreement yet Clydesdale will not permit this. Why were they notified?
Your solicitor being on the Clydesdale conveyancing panel is obliged to disclose to Clydesdale of any variations to the purchase price. If you prohibit your conveyancing practitioner to report the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new conveyancer for your conveyancing in Soham.
When it comes to lenders such as Co-operative, do Soham lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
We expect to receive a OIP from Virgin Money this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any Soham solicitors on the Virgin Money conveyancing panel, or is it better to go independently?
You will need to appoint Soham solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
The formalities of my remortgage has taken place for my property in Soham. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have been told that property searches are the number one cause of stalling in Soham conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Soham.
About to purchase a new build apartment in Soham. Conveyancing is daunting 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 conveyancing.
Here is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Soham
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
I am attracted to a couple of flats in Soham both have in the region of forty five years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Soham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Soham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a basement flat in Soham, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Soham with a long lease are worth £201,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2089
With only 64 years remaining on your lease we estimate the price of your lease extension to span between £15,200 and £17,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should 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.
My nephew is embarking on her first house purchase, he had his mortgage in principle. After the offer was accepted on apartment we rang the bank to issue the formal offer. We were very surprised to hear that mortgage companies do not accept all solicitor, they have to be on a list, is this legal?
Banks tend to restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Soham property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.