Am I correct in assuming that the fact that my solicitor in Newcastle under Lyme is not listed on my mortgage company's conveyancing panel that there is a problem with the quality of her work?
That is more than likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer 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 simply call the Newcastle under Lyme conveyancing firm and ask them why they are no longer on the approved list for your lender.
We are a couple about to exchange contracts for a ground floor flat in Newcastle under Lyme. We have hit a stumbling block. Our loan offer with Santander expires on 3/7/2024 but the vendors are putting forward a completion date of 5/7/2024. Is it possible to prolong the loan offer?
The person best placed to deal with your question is your lawyer who will hopefully assess whether they better off negotiating with the bank, owner’s lawyers, selling agents or possibly all three given the circumstances your conveyancing as of today.
five months have gone by following my purchase conveyancing in Newcastle under Lyme concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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.
I am looking for a ground for flat up to £235,500 and identified one near me in Newcastle under Lyme I like with open areas and station in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Newcastle under Lyme for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
We are 18 days into a leasehold purchase having been recommend to a firm by the local agent to do our conveyancing in Newcastle under Lyme. We are not happy. Can you help me find new lawyers?
They would need to be really poor to suggest replacing them. Has the mortgage offer been sent? In the event that it has you will need to advise them of the new contact details and ensure the mortgage documents are re-sent. Your new conveyancer needs to be on the mortgage company panel to avoid added fees and frustration. That should be your starting point. Our search tool will help you find a bank approved lawyer for your home move in Newcastle under Lyme
Harry (my fiance) and I may need to rent out our Newcastle under Lyme basement flat temporarily due to a career opportunity. We used a Newcastle under Lyme conveyancing firm in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Newcastle under Lyme do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I bought a 2 bed flat in Newcastle under Lyme, conveyancing formalities finalised in 1996. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Newcastle under Lyme with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2101
With just 77 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.