Is the fact that my solicitor in Bedmond is not on my lender's solicitor panel that there is a problem with the standard of his work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (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. If you are concerned you should contact the Bedmond conveyancing practice and enquire why they are no longer on the approved list for your bank.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Bedmond. My lender is Bank of Ireland
Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 11/1/2021, the requirements read as follows :
3 months have elapsed since my purchase conveyancing in Bedmond took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. 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 premises 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.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Bedmond I like with amenity areas and transport links nearby, however it's only got 61 years on the lease. There is not much else in Bedmond for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Given that I will soon part with £400,000 on a property in Bedmond I would like to talk to a lawyer concerning thetransaction ahead of instructing the firm. Can this be arranged?
This is something that we encourage - we would be delighted to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your property ownership legalities in Bedmond.There is no ‘factory style conveyancing’ - each client is unique person, not a file reference. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Bedmond should be the figure that you are charged.
I am a negotiator for a busy estate agency in Bedmond where we see a few flat sales derailed as a result of short leases. I have received inconsistent advice from local Bedmond conveyancing solicitors. Can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Bedmond Conveyancing for Leasehold Flats - Sample of Queries Prior to buying
How long is the Lease? Are any of leasehold owners in dispute over their service charge liability? Plenty Bedmond leasehold properties will have a service charge for maintenance of the building invoiced by the landlord. Should you buy the apartment you will have to pay this amount, normally quarterly throughout the year. This may differ from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge for you to pay yearly, this is usually not a significant figure, say about £25-£75 but you need to check as on occasion it could be many hundreds of pounds.