Completed the sale of my flat in Anstey last June yet the purchaser is calling daily to say his solicitor is waiting to hear from mine. What should have happened following completion?
After completion of your disposal your conveyancer is obliged to send the transfer documentation and all of the paperwork to the buyer’s lawyers. If applicable, your lawyer should also evidence that the home loan has been repaid to the purchasers solicitors. There are no post completion requirements unique to conveyancing in Anstey.
The Anstey conveyancing solicitors that just started acting on my house acquisition in Anstey have without warning closed. I chose them because I needed a solicitor on the RBS conveyancing panel and my preferred Anstey lawyer was not. I sent them a cheque for two hundred pounds in advance. What do I do now?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
What is the difference between a licensed conveyancer and conveyancing solicitor in Anstey
There are many recorded licenced Conveyancers in Anstey and Solicitor partnerships in Anstey who provide Conveyancing services It is important to make clear that both are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also deal with associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
When it comes to lenders such as Nationwide, do Anstey property lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Kent Reliance. I assume I don't need a Anstey lawyer on the Kent Reliance panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Kent Reliance mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Kent Reliance mortgage from the register. Kent Reliance, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Kent Reliance has sent the Land Registry the discharge electronically, and
- Kent Reliance has instructed the Land Registry to do so
I have been told that property searches are the number one reason for delay in Anstey house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Anstey.
Are there restrictive covenants that are commonly identified as part of conveyancing in Anstey?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Anstey. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Can you provide any top tips for leasehold conveyancing in Anstey from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Anstey can be avoided where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ lawyers. The majority of freeholders or managing agents in Anstey levy fees for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Anstey. If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Anstey state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord approving such changes. Where you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer before hand. If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Obtaining a re-issued share certificate can be a time consuming formality and slows down many a Anstey home move. If a reissued share certificate is required, do contact the company officers or managing agents (if applicable) for this as soon as possible. You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
I purchased a 2 bed flat in Anstey, conveyancing formalities finalised in 2007. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Anstey with a long lease are worth £171,000. The ground rent is £50 per annum. The lease ends on 21st October 2104
With just 79 years left to run we estimate the price of your lease extension to be between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.