Unfortunately I am unable to travel far from Axminster. Can you please explain the reason why all Axminster lawyers aren't included on all bank panels?
Banks normally impose restrictions on either the nature or the number of conveyancing solicitors on their approved list of lawyers. Frequent examples of such criteria being that the practice is required to have two or more partners. As well as restricting the structure of firm, some have made a decision to reduce the size of their panel they permit to represent them. It is worth noting that banks have no liability for the quality of advice supplied by any Axminster conveyancing practitioner on their panel. Mortgage fraud was the main trigger for the rationalisation of solicitor panels from 2008 even though there are contrary views about whether solicitors sat at the center of that fraud. Data published by HMLR indicates that thousands of conveyancing organisations only conduct a couple of conveyances annually. Those vindicating conveyancing panel pruning question why conveyancing firms should have claim to remain on a bank panel when clearly property law is not their speciality?
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Axminster. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 16/3/2023, the requirements read as follows :
Is it the case that all Axminster conveyancing solicitors on the Clydesdale conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in that case the practice would be overseen by the CLC.
My fiancee and I are spending time looking at apartments in Axminster and I am about to put in an offer. Is it too early to have a solicitor in place? I am planning to take a home loan with Nationwide.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are taking out a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
My offer on a detached house in Axminster has been accepted, the owners do however have an associated purchase. The owners have placed an offer on a property, however it’s not been accepted yet, and are looking at other properties booked. I have instructed a high street conveyancing solicitor in Axminster. What should be my next step? At what stage do I apply for the mortgage with Coventry BS?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then valuation, Axminster conveyancing search charges, etc). The first course of action is to ensure that your property lawyer is on the Coventry BS approved list. Regarding the subsequent phase this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. In a hot market some purchasers would apply for a home loan with Coventry BS and arrange for the valuation and only if it was satisfactory would they ask their lawyer to proceed with searches.
I opted to have a survey completed on a property in Axminster before appointing lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders will refuse to grant a mortgage on such a house.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Axminster. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Axminster to see if the conveyancing costs will increase in light of this.
How can the Landlord & Tenant Act 1954 affect my commercial premises in Axminster and how can you help?
The 1954 Act affords protection to commercial leaseholders, granting the right to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Axminster
I am on look out for some leasehold conveyancing in Axminster. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Axminster - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a basement flat in Axminster, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Axminster with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2075
With only 52 years left to run the likely cost is going to range between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on 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 other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.