My wife and I are intent on acquiring a flat in Bishopsworth. My Conveyancer has never been on on the lender approved list. Can I still retain my Bishopsworth conveyancing solicitor notwithstanding that they are not on the lender panel?
You have a number of alternatives open to you here
- Complete the deal with your preferred Bishopsworth conveyancing practitioner but your bank will need to instruct a conveyancer on their conveyancing panel. This will result in additional fees and potential delay.
- Get a fresh lawyer to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your property lawyer to do everything within their powers to get listed on the bank’s conveyancing panel
Can you explain why leasehold purchase conveyancing in Bishopsworth costs more?
In summary, leasehold conveyancing in Bishopsworth and elsewhere usually warrants extra due diligence compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord concerning the service of required notices, procuring current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
The Bishopsworth conveyancing solicitors that just started acting on my house acquisition in Bishopsworth have without warning shut down. I only went with them because I had to have a firm on the TSB conveyancing panel and my preferred Bishopsworth lawyer was not. I issued them a cheque for £250 in advance. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will 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 TSB 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 should be in a position to assist.
Due to the input of my in-laws I had a survey completed on a property in Bishopsworth before instructing lawyers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some lenders may refuse to issue a mortgage on this type of premises.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bishopsworth. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a couple of maisonettes in Bishopsworth both have approximately forty five years remaining on the lease term. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
I purchased a basement flat in Bishopsworth, conveyancing formalities finalised August 1995. How much will my lease extension cost? Equivalent flats in Bishopsworth with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2084
You have 60 years unexpired the likely cost is going to span between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Our lawyer in Bishopsworth has uncovered a defect with the lease for the property we are buying in Bishopsworth. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Bishopsworth conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. These conveyancing instructions have to be complied with by the lender conveyancing panel who has to balance acting for you and the bank