Am I correct in assuming that the fact that my conveyancer in Cramlington is not identified on my bank'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 plausible explanations. A recent report by the solicitors regulator indicated that over three quarters 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 solicitor 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 simply call the Cramlington conveyancing firm and ask them why they are no longer on the approved list for your bank.
Can you explain why leasehold purchase conveyancing in Cramlington is more expensive?
Cramlington leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I moved into my apartment on 9 June and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Cramlington said it would be formalised in a couple of weeks. Are titles in Cramlington particularly slow to register?
As far as conveyancing in Cramlington registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd persons or bodies. As of today roughly three quarters of such applications are fully addressed in less than three weeks but occasionally there can be protracted hold-ups. Registration takes place after the buyer is living at the property therefore 'speed' is not usually primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
I'm purchasing my first flat in Cramlington benefiting from help to buy. The sellers would not move on the amount so I negotiated 6k of additionals instead. The house builders rep told me not inform my solicitor about this side-deal as it would impact my loan with Leeds Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been advised by a number of property agents in Cramlington to find a solicitor on your site. Is there a financial upside for Estate Agents to market your services over and above another?
We don’t make any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
What are your top tips when it comes to finding a Cramlington conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Cramlington conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Cramlington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
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What volume of lease extensions have they conducted in Cramlington in the last 12 months? What are the legal fees for lease extension work?
I bought a 1 bedroom flat in Cramlington, conveyancing was carried out November 2004. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Cramlington with an extended lease are worth £222,000. The ground rent is £50 per annum. The lease ceases on 21st October 2096
With 71 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt 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 before getting professional advice.