I can't travel far from St Annes. Is there a reason why all St Annes property lawyers aren't included on all mortgage company panels?
A decade ago most mortgage companies had an approach to risk which is different than today. The FSA in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the conveyancing practitioners on your panel. As a result, mortgage companies have subsequently soughtmore data from law firms concerning their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Many firms have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the criteria of amount of transactions the lenders insisted on.
A relative informed me that in buying a property in St Annes there could be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?
There are a number of properties in St Annes which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in St Annes should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Can you help - my lawyer says that breach of easement insurance is necessary on my purchase. What is the level of cover for St Annes conveyancing?
The right level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Barclays and The Mortgage Works. Conveyancing lawyers as opposed to members of the public take out such policies.
My husband and I are at the point of looking at apartments in St Annes and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with TSB.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are getting a mortgage with TSB, make sure you remember to check that your lawyer is on the TSB conveyancing panel.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. St Annes is the location of the property. Can you offer any opinion?
Flying freeholds in St Annes are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Annes you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St Annes may determine 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.
Should I be suspicious that estate agents that I am dealing with are recommending a nationwide conveyancing firm as opposed to a local St Annes conveyancing company?
As is the case with lots of professional services, often suggestions from relatives can be worth their weight in gold. Nevertheless there are many players in a conveyancing deal; estate agents, financial adviser and mortgage companies might all recommend conveyancers to appoint. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the right to select your own conveyancer. However, bear in mind that many banks operate an approved list of solicitors you have to use for the mortgage aspect of your house move.
I need to instruct a conveyancing practitioner in St Annes for my remortgage. Is there any facility to check a solicitor's complaints history with the legal regulator?
One may review published Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA could monitor telephone calls for training reasons.
Last October I purchased a leasehold house in St Annes. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a basement flat in St Annes, conveyancing was carried out in 2010. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in St Annes with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2089
With only 63 years unexpired we estimate the price of your lease extension to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.