Is the fact that my conveyancer in Burnham Market is not identified on my lender's conveyancing panel that there is a problem with the quality of his conveyancing?
It would be unwise 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) low volume 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 simply call the Burnham Market conveyancing firm and enquire why they are no longer on the approved list for your bank.
My lawyer has discovered a a legal deficiency with the lease for the property we are buying in Burnham Market. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
I just acquired a flat at auction in Burnham Market. Conveyancing is required. What happens now?
Now that you are exchanged you should retain a conveyancing solicitor as a matter of urgency as you now have a tight a fixed date to complete the transaction. Every auction property will ordinarily have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the auction pack may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You need to pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
The formalities of my remortgage has taken place for my property in Burnham Market. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
At last I have had an offer on a flat in Burnham Market accepted, the sellers do however have a tied purchase. The sellers have offered on somewhere, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have chosen a local conveyancing solicitor in Burnham Market. What should be my next step? When do I get the mortgage application with Lloyds going?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Burnham Market conveyancing search costs, etc). The first thing to do is ensure that your conveyancer is on the Lloyds approved list. Concerning the subsequent stages this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. During a rising market the majority of home buyers would apply for the mortgage with Lloyds and pay for the valuation and only if it was satisfactory would they request their lawyer to proceed with searches.
Despite weeks of looking the Title Certificate and documents to our home are lost. The conveyancers who handled the conveyancing in Burnham Market 4 years ago are no longer around. Will I be able to sell the house?
These day there are copies made of almost everything, and your conveyancer should know exactly where to locate all the appropriate documentation so you can purchase or sell your property without any difficulty. If duplicates are not available, your solicitor may be able to put in place insurance or indemnities protecting you against future claims on the property.
I need to appoint a conveyancing solicitor for freehold conveyancing in Burnham Market. I happened to land on a web site which looks to be the perfect offering If there is a chance to get all this stuff done via phone that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any advice for leasehold conveyancing in Burnham Market from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Burnham Market can be avoided if you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers. A minority of Burnham Market leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Burnham Market state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such works. Where you fail to have the approvals to hand do not contact the landlord without checking with your solicitor before hand. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
I invested in buying a 1 bedroom flat in Burnham Market, conveyancing was carried out in 2009. 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? Corresponding flats in Burnham Market with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2092
With 67 years remaining on your lease we estimate the price of your lease extension to span between £10,500 and £12,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.