I am six weeks into the sale of my ground floor flat in Tidworth and the estate agent has just text me to advise that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. Why would a leading mortgage company only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Tidworth ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
We are acquiring a newly constructed apartment in Tidworth and my conveyancer is advising me that she has to the bank to reveal incentives from the seller. I am under pressure to exchange contracts and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are buying a terrace house in Tidworth. The intention is to carry out a loft conversion at the house.Will legal conveyancing on the property involve checks to determine if these works are permitted?
Your property lawyer should review the registered title as conveyancing in Tidworth will occasionally identify restrictions in the title deeds which prevent categories of works or need the consent of a 3rd party. Many extensions require local authority planning permissions and approval under the building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these issues with a surveyor ahead of any purchase.
Is it the case that all Tidworth conveyancing solicitors on the Leeds Building Society conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be governed by the SRA. Many mortgage companies do allow licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Tidworth building society branch on numerous occasions and was informed it wasn't an issue and they would lend. My Tidworth conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend based on their specific requirements. I have no idea who is right.
As long as the conveyancer is on the mortgage company panel, she or he must follow the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who dealt with the conveyancing in Tidworth 10 years ago no longer exist. What do I do?
Assuming you have a registered title the information relating to your ownership will be evidenced by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, locate your house and order up to date copies of the property title for less than a fiver. Where the property is Leasehold then the Land Registry will also normally retain a certified copy of the Registered Lease and again, a copy can be retrieved for a small fee.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Tidworth is where the house is located. Can you offer any guidance?
Flying freeholds in Tidworth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Tidworth you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tidworth may ascertain 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 premises.
I am hoping to exchange soon on a basement flat in Tidworth. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Tidworth should include some of the following:
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You would want to be sent a copy of the lease Who has the liability to repair and maintain the main walls and foundations. It is essential that you know who is responsible the repair and maintenance of every part of the building What options are open to you if an adjoining owner is in violation of a provision in their lease? How long the lease is. You should receive guidance as what happens when the lease expires, and informed of the importance of the 80 year mark Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
I own a studio flat in Tidworth, conveyancing having been completed December 2011. How much will my lease extension cost? Corresponding flats in Tidworth with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2092
With 66 years remaining on your lease we estimate the premium for your lease extension to be between £12,400 and £14,200 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.