We are buying a 3 bedroom apartment in South Yorkshire with a mortgage. We like our South Yorkshire conveyancer, however the lender advise he's not on their "panel". We have to appoint one of the bank panel solicitors or continue with our South Yorkshire property lawyer and pay for one of their panel lawyers to act for them. This seems very unfair; can we not demand that the bank use our South Yorkshire property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your South Yorkshire conveyancing solicitor to apply to be on the conveyancing panel.
I am due to exchange buying a property in South Yorkshire but as a result of wreckage from a small fire at the property I have managed to agree recompense from the current proprietors in the sum of £2k by way of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process however Clydesdale are not allowing this. Should they have been notified?
Your property lawyer that is on the Clydesdale approved list is duty bound to disclose to Clydesdale of any changes to the purchase price. If you were to refuse your conveyancing practitioner to disclose the price change to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new property lawyer for your conveyancing in South Yorkshire.
I am purchasing a garden flat in South Yorkshire. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in South Yorkshire you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in South Yorkshire.
My wife and I are selling our property in South Yorkshire and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A high street South Yorkshire lawyer would know this is not the case. It does beg the question why the purchasers are using a national conveyancing outfit as opposed to a conveyancing solicitor in South Yorkshire. We have lived in South Yorkshire for 5 years we know that this is a non issue. Should we contact our local Authority to get clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I have been on the look out for a ground for flat up to £245,000 and found one close by in South Yorkshire I like with amenity areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in South Yorkshire for this price, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I am tempted by the attractive purchase price for a two apartments in South Yorkshire which have about 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in South Yorkshire is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat 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 residence 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 South Yorkshire conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 inherited a garden flat in South Yorkshire, conveyancing was carried out April 1997. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in South Yorkshire with over 90 years remaining are worth £216,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2094
With only 70 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.