Is the fact that my solicitor in Waterloo is not on my bank's solicitor panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Waterloo conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
Do the Building Society Association intend to launch a online directory to list practices on the Norwich and Peterborough Building Society conveyancing panel for example in Waterloo?
We are not aware of any intention on the part of the BSA to promote such a search facility.
How does conveyancing in Waterloo differ for new build properties?
Most buyers of new build residence in Waterloo come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because builders in Waterloo tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Waterloo or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Waterloo is where the house is located. Can you shed any light on this issue?
Flying freeholds in Waterloo are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Waterloo you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waterloo may determine 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 property.
I am attracted to a two apartments in Waterloo which have in the region of forty five years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Waterloo is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than 75 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 Waterloo 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 any new 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 am the registered owner of a ground floor flat in Waterloo, conveyancing having been completed September 1998. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Waterloo with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease ends on 21st October 2079
With only 54 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
A loan agreement from a mortgage company for the refinancing of my 2 bedroom apartment is coming within the next few days. Are you able to recommend a low cost remortgage conveyancing lawyer in Waterloo ?
You have come to the wrong place to search for a cheap conveyancing in Waterloo. Our intention is to offer excellent value conveyancing but our intention is not to work with the cheapest lawyers. Do not be fooled by companies offering £99 conveyancing in Waterloo.At best, in opting for cheap conveyancing, you will end up with what you pay for and at worst you will end up paying a lot in extras and still not get the service required.