I am not well enough to travel far from Tintern. I would like to know the reason why all Tintern conveyancing practitioners aren't automatically on all bank panels?
Pre- 2008 most lenders demonstrated an attitude to risk which is different than today. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which concluded: know the lawyers on your panel. Consequently, banks have since requiredmore data from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have been removed 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 minimum volume of transactions the lenders insisted on.
IfI were to purchase a simple residential housein Tintern for cash and have no survey and no conveyancing searches how much would I expect to to save on my conveyancing in Tintern?
The only reduction in fees you would make on is the disbursement for searches. A conveyancer still be obliged to do everything else - money laundering, communicating with your sellers property lawyer, SDLT return, register the property etc. A marginal saving might be made by not needing to register a mortgage but it will not be a lot.
It is 10 years ago since I acquired my property in Tintern. Conveyancing lawyers have recently been appointed on the sale but I am unable to find my title deeds. Is this a problem?
Don’t worry too much. Firstly there is a possibility that the deeds will be retained by the lender or they may stored with the lawyers who acted in the purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. The vast majority of conveyancing in Tintern relates to registered property but in the unlikely event that your home is unregistered it is more problematic but is not insurmountable.
Various web forums that I have frequented warn that are the main cause of stalling in Tintern conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Tintern.
How does the Landlord & Tenant Act 1954 impact my business offices in Tintern and how can your lawyers assist?
The 1954 Act gives protection to commercial lessees, granting the legal entitlement to make a request to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Tintern is one of our numerous locations in which the firms we work with are located
What are the frequently found defects that you encounter in leases for Tintern properties?
Leasehold conveyancing in Tintern is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall Clauses dealing with recovering service charges for expenditure on the building or common parts.
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
I inherited a 2 bed flat in Tintern, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Tintern with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 2090
With only 64 years remaining on your lease we estimate the premium for your lease extension to be between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.