Am I correct in assuming that the fact that my solicitor in Glossop is not listed on my lender's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed 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 simply call the Glossop conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
The sellers of the property we are purchasing have instructed a conveyancing solicitor in Glossop who has suggested a exclusivity contract with a deposit of 5k. Are such contracts the norm for Glossop conveyancing transactions?
Lock out agreements are contracts between a property vendor and prospective buyer giving the buyer a ‘clear field’ to the sale of the property for a certain period of time. Essentially, a lock out is a document specifying that you will be issued with a contract at a later date being the contract for the actual sale. It tends to be utilised for buyer assurance though in many situations, the seller may stand to benefit from such agreements as well. There are various positives and negatives to using them but you need to check with your lawyer but note that it may end up incurring more in conveyancing charges. In light of this these contracts are rare in relation to conveyancing in Glossop.
Me and my brother own a semi-detached Georgian property in Glossop. Conveyancing practitioner acted for me and Barclays Direct. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Glossop and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with the conveyancing lawyer who conducted the purchase.
I'm buying my first flat in Glossop with a loan from Godiva Mortgages Ltd. The sellers refused to move on the amount so I negotiated £7000 of extras instead. The sale representative advised me not to tell my lawyer about this deal as it could impact my mortgage with the lender. Should I keep quiet?.
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.
We're novice buyers - agreed a price, yet the agent has warned us that the vendor will only move forward if we appoint the agent's chosen conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a family solicitor used to conveyancing in Glossop
It is highly unlikely the owners are behind this. If they want ‘a quick sale', turning down a motivated purchaser is counter productive. Speak to the vendors direct and make the point that (a)you are serious purchasers (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)but you intend to instruct your preferred Glossop conveyancing lawyers - not the ones that will provide their negotiator at the agency a introducer fee or achieve conveyancing thresholds pre-set by HQ.
I've recently bought a leasehold property in Glossop. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a studio flat in Glossop, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Glossop with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2091
With just 68 years remaining on your lease the likely cost is going to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.