We are planning to purchase a 3 bedroom flat in Trowbridge with a mortgage. We like our Trowbridge solicitor, however the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our Trowbridge conveyancer and pay for one of their panel firms to represent them. We regard this is unjust; are we not able to insist that the mortgage company use our Trowbridge solicitor ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Trowbridge conveyancing solicitor to apply to be on the conveyancing panel.
Will our conveyancer be raising questions about flooding during the conveyancing in Trowbridge.
The risk of flooding is if increasing concern for solicitors dealing with homes in Trowbridge. Plenty of people will purchase a house in Trowbridge, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Trowbridge. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to find out if the property has suffered from flooding. If the residence has been flooded in past and is not notified by the owner, then a purchaser may commence a compensation claim as a result of such an incorrect answer. The purchaser’s lawyers should also conduct an environmental search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
Just had an offer accepted on a new build flat in Trowbridge. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Trowbridge
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Trowbridge is the location of the property. Is there any advice you can give?
Flying freeholds in Trowbridge 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 Trowbridge you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Trowbridge may decide 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 need to instruct a conveyancing solicitor for residential conveyancing in Trowbridge. I happened to discover a site which appears to be the perfect solution If it is possible to get all the legals completed via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
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?
I work for a busy estate agent office in Trowbridge where we see a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Trowbridge conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I inherited a basement flat in Trowbridge, conveyancing was carried out in 1998. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Trowbridge with a long lease are worth £186,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2079
With just 53 years left to run we estimate the premium for your lease extension to span between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.