I am one month into the sale of my house in Crook and the estate agent has just text me to warn that the purchasers are changing their solicitor. The reason given is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a major lender only deal with certain solicitors rather the firm that they want to select to handle their conveyancing in Crook ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
About to place a bid on a leasehold flat in Crook. The selling agents say that it is standard for flats in Crook to have less than 75 years remaining. I am getting a mortgage with Virgin. Is this going to be acceptable if the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/4/2024 the requirements read as follows :
About to purchase a new build flat in Crook. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Crook
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I opted to have a survey carried out on a property in Crook ahead of retaining lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders may not grant a loan on this type of home.
It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Crook. Conveyancing may be slightly more expensive based on your lender's requirements.
In what way can the Landlord & Tenant Act 1954 affect my commercial property in Crook and how can your lawyers assist?
The 1954 Act provides a safeguard to business tenants, giving them the a statutory right to apply to court for a renewal lease and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Crook
I am in need of some leasehold conveyancing in Crook. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Crook - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a basement flat in Crook, conveyancing was carried out 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Crook with an extended lease are worth £186,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2077
You have 53 years left to run the likely cost is going to be between £27,600 and £31,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.