Am I correct in assuming that the fact that my conveyancer in Freshwater is not on my lender's conveyancing panel that there is a problem with the standard of his work?
It would be unwise to jump to that conclusion. 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 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. Should you be concerned you should simply call the Freshwater conveyancing practice and enquire why they are no longer on the approved list for your lender.
I have been told that property searches are a common reason for hinderance in Freshwater conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Freshwater.
I am buying a new build house in Freshwater with a loan from Skipton Building Society. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not disclose to my solicitor about the side-deal as it would affect my mortgage with the bank. 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.
Do I need to be concerned about third parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Freshwater conveyancing practice?
As with many professional services, often recommendations from connections can be very helpful. But there are lots of parties with a keen interest in a conveyancing deal; estate agents, financial adviser and mortgage companies might all suggest solicitors to appoint. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes commercial relationship behind the endorsement. You have the discretion to select your own lawyer. Don't forget that the majority of lenders specify a panel list of solicitors you must use for the lender related work in your conveyancing.
My husband and I are first time buyers - agreed a price, but the property agent has warned us that the vendor will only proceed if we appoint the agent's preferred solicitors as they are insisting on a ‘quick sale’. We would rather use a local solicitor accustomed to conveyancing in Freshwater
It is highly unlikely the vendors are behind this. Should the seller want ‘a quick sale', alienating a motivated purchaser is is going to put the whole deal at risk. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)but you will continue to appoint your preferred Freshwater conveyancing lawyers - rather thanthose that will provide their estate agent a introducer fee or meet his conveyancing targets pre-set by senior management.
I work for a busy estate agent office in Freshwater where we have witnessed a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Freshwater conveyancing solicitors. Can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a 1 bedroom flat in Freshwater, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Freshwater with a long lease are worth £196,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2088
With 64 years left to run we estimate the premium for your lease extension to span between £15,200 and £17,600 as well as 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 comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.