I am 4 weeks into the sale of my apartment in Westbury On Trym and the estate agent has just called to say that the purchasers are swapping property lawyer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only work with specific lawyers rather the firm that they want to select for their conveyancing in Westbury On Trym ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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 are unaware that 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 not going to have any sway in the decision.
Can you explain why leasehold purchase conveyancing in Westbury On Trym costs more?
The conveyancing charges for a leasehold premises in Westbury On Trym is often greater than on a freehold residence. This is because there is an amount of supplemental work required in dealing with the freeholder and managing agents to collate the information concerning whether the rent and service fee have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
three months have gone by since my purchase conveyancing in Westbury On Trym took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Westbury On Trym I like with open areas and railway links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Westbury On Trym for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor 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 with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I have been advised by a number of property agents in Westbury On Trym to choose a property lawyer using your seach tool. What’s the financial upside for Estate Agents to promote your site over and above alternative conveyancing organisations?
We refuse to make any commission for pointing buyers and sellers in our direction. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am looking at a two maisonettes in Westbury On Trym both have in the region of forty five years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Westbury On Trym is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 Westbury On Trym conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Leasehold Conveyancing in Westbury On Trym - A selection of Queries Prior to Purchasing
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What is the name of the managing agents? This question is important as a) areas could cause problems in the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the tenants have an issue with the managing agents you will need to know about it What is the yearly maintenance fee and ground rent?