Is the fact that my conveyancer in Bacup is not identified on my mortgage company's conveyancing panel that there is a problem with the quality of his work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack 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. Where you are concerned you should contact the Bacup conveyancing firm and enquire why they are no longer on the approved list for your lender.
Forgive me if this question is silly but I am wet behind the ears as FTB of a two bedroom flat in Bacup. Do I receive the keys to the premises on completion from my lawyer? If so, I will use a High Street conveyancing solicitor in Bacup?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the vendor’s lawyers, and once they have received this, you should be able to collect the keys from the selling Agents and start moving into the property. Usually this happens early afternoon.
Two weeks ago we had a mortgage agreed in principle with Co-operative. Bacup conveyancing solicitors have been appointed. How long does it take for Co-operative to issue the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Co-operative conducted the valuation? Have you advised Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We expect to receive a AIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Bacup solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Bacup solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
It has been three months since my purchase conveyancing in Bacup took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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 asset 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.
How does conveyancing in Bacup differ for new build properties?
Most buyers of new build or newly converted property in Bacup contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Bacup typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bacup or who has acted in the same development.
I decided to have a survey completed on a property in Bacup before instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies may not grant a loan on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bacup. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bacup to see if the conveyancing costs will increase in light of this.
All being well we will complete the sale of our £350,000 maisonette in Bacup next Wednesday. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Bacup?
For the majority of leasehold sales in Bacup conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-exchange enquiries
Where consent is required before sale in Bacup
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I own a studio flat in Bacup, conveyancing formalities finalised in 1995. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Bacup with over 90 years remaining are worth £180,000. The ground rent is £65 yearly. The lease runs out on 21st October 2083
With 58 years remaining on your lease we estimate the price of your lease extension to span between £22,800 and £26,400 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.