Am I correct in assuming that the fact that my solicitor in Foots Cray is not on my lender's solicitor panel that there is a problem with the standard of her work?
That would most likely be an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated 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. Should you be concerned you should contact the Foots Cray conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
Is it possible for conveyancing in Foots Cray to be completed in under 3 weeks?
In a situation where you are under time constraints for your conveyancing it is highly recommended that your lawyer is familiar with the location as they will benefit local contacts and knowledge. It is even conceivable that they would have transacted previoushouses in the same road. Therefore consider using a Foots Cray conveyancing lawyer. In addition, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that 18% of Foots Cray conveyancing transactions are held up or derailed after finding out that a purchaser’s solicitor was not on their mortgage lender’s panel. In many cases this discovery resulted in the transaction being frustrated by almost 21 days. It is understood that this issue affects in the region of 100,000 home sales annually. Many Foots Cray conveyancing practices can not act for certain banks so do check as early as possible.
Should my conveyancer be raising questions regarding flooding during the conveyancing in Foots Cray.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Foots Cray. There are those who purchase a house in Foots Cray, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a number of searches that may be undertaken by the buyer or on a buyer’s behalf which should figure out the risks in Foots Cray. The standard completed inquiry forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to determine if the property has historically flooded. If the residence has been flooded in past and is not disclosed by the seller, then a purchaser could bring a claim for damages as a result of such an incorrect answer. A purchaser’s lawyers should also order an environmental report. This should disclose whether there is a recorded flood risk. If so, additional investigations will need to be carried out.
I am looking for a leasehold apartment up to £305k and found one round the corner in Foots Cray I like with open areas and transport links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Foots Cray suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Foots Cray. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Foots Cray ?
Most houses in Foots Cray are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Foots Cray in which case you should be looking for a Foots Cray conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.
I am the registered owner of a ground flat in Foots Cray. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
You certainly can. We can put you in touch with a Foots Cray conveyancing firm who can help.
An example of a Lease Extension case for a Foots Cray property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.
What is the reason for my lawyer requiring numerous items of identification ahead of starting selling or buying a property in Foots Cray?
Foots Cray property lawyers are duty bound by the Law Society, SRA, HMLR and current AML Regulations to record that the have checked the identity of their clients. It is also sometimes a requirement of your lender if you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, NI number and DOB.