Am I correct in assuming that the fact that my conveyancer in Burton Latimer is not on my lender's solicitor panel that there is a problem with the quality of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% 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. Should you be concerned you should contact the Burton Latimer conveyancing practice and ask them why they are no longer on the approved list for your lender.
My relative advised me that where I am purchasing in Burton Latimer I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Burton Latimer conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Burton Latimer around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about Burton Latimer.
I got the keys to my house on 8 May and my personal details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Burton Latimer said it should be recorded in a couple of weeks. Are titles in Burton Latimer particularly slow to register?
As far as conveyancing in Burton Latimer is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timescales can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any 3rd persons or bodies. As of today approximately 80% of such applications are fully dealt with in less than three weeks but some can be subject to extensive delays. Historically registration takes place once the new owner is living at the property thus 'speed' is not always primary concern but where it is urgent that the the registration takes place urgently then you or your lawyers can communicate with the Registry to express the reasoning for an expedited registration.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Burton Latimer I like with open areas and railway links nearby, however it only has 51 years unexpired on the lease. I can't really find anything else in Burton Latimer suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Completion is due on the sale of our £450,000 maisonette in Burton Latimer next Wednesday. The management company has quoted £384 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Burton Latimer?
Burton Latimer conveyancing on leasehold apartments often requires the buyer’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries most will be content to do so. They are at liberty to levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I acquired a 1 bedroom flat in Burton Latimer, conveyancing having been completed September 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Burton Latimer with over 90 years remaining are worth £222,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2097
With 71 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
Our lawyer in Burton Latimer has uncovered a defect with the lease for the property we are buying in Burton Latimer. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the lender approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company 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 lawyer will have no choice but to discontinue acting for you.