I am selling my maisonette in Bourne End and the EA has just telephoned to advise that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a major lender only work with certain law firms rather the firm that they want to select for their conveyancing in Bourne End ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. 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. Your buyers are not going to have any impact on this.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would prefer to use a Bourne End based conveyancing firm?
Do check but the chances are that appoint one of their panel solicitors if you take up the "fee-free" offer. Contact the mortgage company to explore if they allow a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Bourne End.
I used Wolstenholmes several years ago for my conveyancing in Bourne End. I now require my file however the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bourne End of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Bourne End is the location of the property. Is there any guidance you can impart?
Flying freeholds in Bourne End are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bourne End you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bourne End 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 property.
I am looking at a two maisonettes in Bourne End both have about 50 years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Bourne End is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 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 Bourne End 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I invested in buying a studio flat in Bourne End, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Bourne End with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2095
You have 71 years left to run the likely cost is going to span between £9,500 and £11,000 plus legals.
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 investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
One month into buying a house in Bourne End. Conveyancing lawyer has phoned to say the title is "Leasehold". Does this adversely affect the marketability of the property?
Bourne End conveyancing does not usually involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are hundred of years years remaining with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability too much.
On the flip side, if it's, say, Sixty years it will have a significant effect on the saleability, and most likely wouldn't be acceptable to the bank. The length of lease and ground rent will be set out in the lease to be supplied to your conveyancing practitioner.