I have just been advised by my mortgage adviser that my Taunton the law firm I have appointed is not on the lender Solicitor panel. What can I do to be sure if this is correct?
The first thing you need to do is to contact your Taunton lawyer directly. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they may be able to suggest a Taunton conveyancing practice that is on the conveyancing panel for your lender.
Forgive me if this question is silly but I am new to the house moving as a first time buyer of a two bedroom flat in Taunton. Do I receive the keys to the premises on the completion date from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Taunton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you should be called to receive the keys from the selling Agents and start moving into the property. Usually this happens between 1 and 3pm.
Is it the case that all Taunton solicitor practices on the Coventry BS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel in which case such practice would be governed by the CLC.
The formalities of my remortgage has taken place for my property in Taunton. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Taunton I like with amenity areas and railway links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Taunton for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage that many years may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Taking into account that I am about to spend hundreds of thousands of pounds on a property in Taunton I wish to have a conversation with the conveyancer regarding theconveyancing ahead of instructing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the solicitor who will be carrying out your conveyancing in Taunton.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter number. The practices that we put you in touch with believe that the fees you are provided with for residential conveyancing in Taunton should be the amount on the final invoice that you end up paying.
My husband and I are new on the property ladder - had an offer accepted, yet the property agent advised that the seller will only move forward if we use their chosen lawyers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a family solicitor who is familiar with conveyancing in Taunton
It is highly unlikely the vendors are behind this. Should the owner desire ‘a quick sale', alienating a serious purchaser is likely to cause more damage than good. Contact the sellers directly and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)but you intend to appoint your own,trusted Taunton conveyancing solicitors - not the ones that will give the estate agent a referral fee or meet his conveyancing figures demanded by head office.
I am looking at a two flats in Taunton both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Taunton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive 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 Taunton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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 Taunton, conveyancing having been completed November 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Taunton with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2099
With 74 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.