I am progressing with the sale of my house in Dartmouth Park and the EA has just text me to say that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with certain law firms rather the firm that they want to appoint for their conveyancing in Dartmouth Park ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The buyers are not going to have any impact on this.
There are a variety of conveyancing solicitors in Dartmouth Park but how do I know who I should use?
It would be unwise to be swayed by the lowest Dartmouth Park conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
HSBC have agreed my mortgage in principle, my offer on a property in Dartmouth Park has been agreed to, now what?
Your estate agent will need to be advised as to your conveyancing practitioner's details (ensure that the conveyancing practitioners are on the lender’s panel). Contact HSBC or the broker and finalise any outstanding paperwork. HSBC will instruct a valuer who will get in contact with the estate agent or seller to arrange a time for the valuation to happen. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. HSBC will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Dartmouth Park.
After what seems like an age I have had an offer on a maisonette in Dartmouth Park accepted, but there is a chain. The sellers have placed an offer on on an apartment, however it’s not yet tied up, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Dartmouth Park. What should be my next step? When do I get the mortgage application with UBS going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then valuation, Dartmouth Park conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the UBS approved list. Regarding the next phase this very much depends on the specifics of your case, motivation for the property and on the state of the market. In a hot market some buyers would apply for the mortgage with UBS and arrange for the valuation and only if it comes back ok would they ask their conveyancer to move forward with searches.
Should commercial conveyancing searches reveal proposed roadworks that could affect a commercial land in Dartmouth Park?
Many commercial conveyancing solicitors in Dartmouth Park will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Dartmouth Park. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Dartmouth Park.
For each commercial conveyancing transaction in Dartmouth Park it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Dartmouth Park commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Dartmouth Park.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Dartmouth Park is the location of the property. What do you suggest?
Flying freeholds in Dartmouth Park are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Dartmouth Park you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dartmouth Park may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I need to retain a conveyancing solicitor for residential conveyancing in Dartmouth Park. I happened to land on a site which seems to have the perfect offering If it is possible to get all formalities done via web that would be ideal. 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?
I am looking at a two flats in Dartmouth Park which have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Dartmouth Park is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Dartmouth Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Dartmouth Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Dartmouth Park conveyancing firm who can help.
An example of a Lease Extension case for a Dartmouth Park residence is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The unexpired term as at the valuation date was 64.77 years.