I am selling my maisonette in Bankside and the estate agent has just called to say that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a major lender only deal with specific law firms rather the firm that they want to choose for their conveyancing in Bankside ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. Plenty of firms do not even realise 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 unlikely to have any impact on this.
I am acquiring a property without a mortgage in Bankside. I have been living for the previous 15 years in Bankside. Conveyancing searches are expensive. Given that I know the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Bankside conveyancing searches are optional. Your conveyancer will 'advise', no-doubt strongly, that you should have searches done, but he is duty bound to take that path of encouragement . One thing to bear in mind; if you are likely to dispose of the house at a future date, it will likely be be of interest to your future purchaser what the searches reveal. Sometimes properties with functional issues can still reveal negative search results. A competent conveyancing solicitor in Bankside will be able to give you some constructive advice here.
Do banks and building societies provide you with an approved list of Bankside conveyancing solicitors? How do you know who is on the Coventry BS conveyancing panel?
Bankside conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
Should our lawyer be raising enquiries about flooding as part of the conveyancing in Bankside.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Bankside. Plenty of people will acquire a house in Bankside, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous checks that can be initiated by the buyer or by their solicitors which should figure out the risks in Bankside. The standard property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to discover if the property has historically flooded. If the residence has been flooded in past and is not disclosed by the vendor, then a buyer may bring a compensation claim stemming from an inaccurate answer. A purchaser’s conveyancers should also conduct an enviro report. This will disclose whether there is a recorded flood risk. If so, more detailed investigations should be conducted.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Bankside is where the house is located. Can you shed any light on this issue?
Flying freeholds in Bankside are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bankside you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bankside may decide 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 premises.
I am tempted by the attractive purchase price for a two maisonettes in Bankside both have in the region of forty five years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Bankside is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers 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 premises 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 premises 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 Bankside conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 am the leaseholder of a first floor flat in Bankside. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to arrive at the price payable.
An example of a Freehold Enfranchisement decision for a Bankside property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired lease term was 107 years.