I am not well enough to travel far from Stroud. Is there a reason why all Stroud property lawyers are not on all bank panels?
Pre- 2008 most lenders displayed an approach to risk which is different from today. The FSA in 2010 instigated a thematic review into property fraud which concluded: know the property lawyers on your panel. Consequently, mortgage companies have since requiredmore information from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the mortgage companies set.
My friend recommended that where I am purchasing in Stroud I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Stroud conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about Stroud around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Stroud Education with plans and statistics, Local Amenities and other useful data about Stroud.
Have completed on a a terraced house in Stroud , What is the estimated time for the Land Registry to register my ownership? My Stroud conveyancing solicitor has been very slow, so I want to be certain that my ownership is registered.
There is nothing unique when it comes to conveyancing in Stroud registration formalities. Rather than based on location, timescales can adjust according to who lodges the application, whether there are errors and if the Land registry must send notices to any 3rd parties. At present in the region of 80% of such applications are completed in less than three weeks but occasionally there can be extensive delays. Registration takes place once the buyer is living at the property thus an expedited registration is not always an essential issue but where there is a degree of urgency associated with the registration then you or your conveyancer must contact the land registry and explain the circumstances.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Stroud I like with open areas and railway links in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in Stroud in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I need to retain a conveyancing solicitor for purchase conveyancing in Stroud. I happened to chance upon a site which appears to be the perfect answer If it is possible to get all the legals completed via email that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Back In 2005, I bought a leasehold flat in Stroud. Conveyancing and Barclays Direct mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Stroud who acted for me is not around. What should I do?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Stroud conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Stroud - Examples of Queries before buying
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Are any of leasehold owners in dispute over their service charge payments? What is the annual service fee and ground rent?