We are about to complete buying a house in St Nicholas but as a consequence of damage from the recent storms I have was able negotiate reparation from the seller of £2k in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process but RBS will not agree to this. Why were they informed?
The solicitor that is on the RBS conveyancing panel is obliged to disclose to RBS of any changes to the purchase price. If you were to refuse your conveyancer to report the reduction to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new conveyancing practitioner for your conveyancing in St Nicholas.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in St Nicholas with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I am helping my aunt sell her flat in St Nicholas. Does the conveyancer order an energy performance certificate or it is for me to see to?
Following the abolition of HIPs, energy performance certificates was kept a required part of moving house. An energy performance certificate should be to hand before the property is advertised. It is not as aspect of the sale process that law firms ordinarily arrange. If you are using a St Nicholas conveyancing practitioner they might be willing to arrange EPC’s given their contacts with long established St Nicholas providers
I am currently in the process of buying my council flat in St Nicholas. I have a mortgage offer with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
I recently had an offer accepted on a house in St Nicholas. My mortgage broker recommended their conveyancers. I paid an upfront payment of £200. A few days later, the solicitor contacted me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Due to the input of my in-laws I had a survey completed on a property in St Nicholas before instructing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks tend not give a loan on a flying freehold property.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in St Nicholas. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in St Nicholas to see if the conveyancing will be more expensive.
I am looking at a couple of flats in St Nicholas which have approximately fifty years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in St Nicholas is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under 75 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 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 St Nicholas 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 purchased a ground floor flat in St Nicholas, conveyancing formalities finalised in 2011. Can you work out an approximate cost of a lease extension? Corresponding flats in St Nicholas with over 90 years remaining are worth £195,000. The ground rent is £45 per annum. The lease ceases on 21st October 2088
With only 63 years remaining on your lease the likely cost is going to be between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you 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.
We have selected a St Nicholas conveyancing solicitor for our house purchase (novice purchasers) and have spotted in the engagement letter that they are not covered by the FCA. Am I right to be worried or is that usually the case with solicitor?
We can't see why they should be. Most conveyancing practitioner don't lend money. They should be governed by the SRA, who have stringent laws regulating amounts deposited by them.