Is the fact that my conveyancer in Formby is not on my bank's solicitor panel that there is a problem with the quality of her conveyancing?
That is most likely a wrong assumption to make. There are plenty of 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 lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Formby conveyancing firm and enquire why they are no longer on the approved list for your bank.
My conveyancer has discovered a a legal deficiency with the lease for the apartment we are buying in Formby. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must check that the bank is willing to move forward with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 solicitor will have no choice but to discontinue acting for you.
I have recentlybeen informed that Action Conveyancing have closed. They conducted my conveyancing in Formby for a purchase of a leasehold apartment 18 months ago. How can I be sure that the property is registered correctly in the name of the previous owner?
The easiest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Formby conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Formby is where the house is located. What do you suggest?
Flying freeholds in Formby are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Formby you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Formby 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 was advised by a few estate agents in Formby to choose a property lawyer using your seach tool. What’s the financial advantage for Estate Agents to offer your site over and above alternative conveyancing organisations?
We refuse to make any referral fee for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
There are only 62 years unexpired on my lease in Formby. I now want to extend my lease but my landlord is absent. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the freeholder. For most situations an enquiry agent should be helpful to conduct investigations and to produce a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Formby.
I inherited a 1 bedroom flat in Formby, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Formby with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2088
With 63 years unexpired the likely cost is going to be between £16,200 and £18,600 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.