I can't travel far from Sudbury. I would like to know the reason why all Sudbury solicitors aren't automatically on all bank panels?
Mortgage Companies normally impose restrictions on either the nature or volume of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a practice needs to have at least two partners. In addition to restricting the structure of firm, some building societies made a decision to reduce the size of their panel they use to represent them. It is worth noting that lenders have no accountability for the standard of conveyancing supplied by any Sudbury conveyancing practitioner on their panel. Property fraud was a key driver in the rationalisation of solicitor panels a few years ago notwithstanding that there are opposing thoughts about whether solicitors sat at the center of that fraud. Statistics via HMLR indicates that thousands of law firms only transact one or two conveyances a year. Those supporting conveyancing panel cuts question why law firms deserve claim to remain on a lender panel when it is evident that conveyancing is not their primary expertise?
We are looking to buy a flat and need a conveyancing solicitor in Sudbury who is on the Santander approved panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Sudbury.
Please explain the implications if my lawyer’s firm is suspended from the Lloyds Conveyancing panel ahead of completing my conveyancing in Sudbury?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
2 months have elapsed following my purchase conveyancing in Sudbury took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Sudbury I like with a park and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Sudbury in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years will be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Can you offer any advice when it comes to choosing a Sudbury conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Sudbury conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with two or three firms including non Sudbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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How experienced is the firm with lease extension legislation? What volume of lease extensions have they carried out in Sudbury in the last year?
I have had difficulty in trying to purchase the freehold in Sudbury. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Sudbury conveyancing firm who can help.
An example of a Lease Extension case for a Sudbury flat is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case related to 1 flat. The unexpired residue of the current lease was 74 years.