Am I correct in assuming that the fact that my conveyancer in Spondon is not listed on my bank's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That is most likely a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Spondon conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
I am in a contract race with another buyer for a property in Spondon. What can I do to expedite matters?
In a situation where you are under pressure to exchange it is advisable to make sure that your lawyer is familiar with the location as they will have local relationships and intelligence. It is even conceivable that they may have handled otherproperties in the same road. You would be best advised to use a Spondon conveyancing firm. In addition, ensure that the conveyancing firm is on the member panel. It is believed that 18% of Spondon conveyancing deals are frustrated or jeopardised after finding out that a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the transaction being frustrated by almost three weeks. It is said that this issue impacts approximately one hundred thousand home moves annually. Many Spondon conveyancing firms can not act for certain banks so do check at the outset.
I am the registered owner of a freehold premises in Spondon yet charged rent, why is this and what is this?
It’s unusual for properties in Spondon and has limited impact for conveyancing in Spondon but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Will my lawyer be making enquiries regarding flooding during the conveyancing in Spondon.
Flooding is a growing risk for lawyers conducting conveyancing in Spondon. Plenty of people will buy a house in Spondon, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, however there are a various searches that may be carried out by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Spondon. The standard completed inquiry forms given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the seller to determine if the premises has historically flooded. If flooding has previously occurred which is not disclosed by the owner, then a buyer may bring a legal claim for losses resulting from an inaccurate response. The purchaser’s lawyers may also carry out an enviro search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries will need to be made.
About to purchase a new build flat in Spondon. 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 legal work.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Spondon
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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.
I am looking for a flat up to £305k and identified one close by in Spondon I like with a park and transport links nearby, however it only has 52 years unexpired on the lease. There is not much else in Spondon suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a home loan the shortness of the lease will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you can ask them to start the process of the extension 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 solicitor concerning this.