I am one month into the sale of my ground floor flat in Hednesford and the EA has just text me to say that the purchasers are swapping conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Hednesford ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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 do not even realise 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 unlikely to have any sway in the decision.
My wife and I are purchasing a apartment in Hednesford. It might be a silly question but how we can trust a solicitor? On the day of competition we will need to send our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as TSB, do Hednesford property lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Bank of Ireland have agreed my mortgage in principle, my offer on a apartment in Hednesford has been accepted, now what?
Your property agent will wish to be informed of your conveyancer's details (be sure the conveyancers are on the bank’s approved list). Contact Bank of Ireland or your financial adviser and finalise any outstanding forms. Bank of Ireland will sellect a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes about a week to receive the mortgage offer. Bank of Ireland will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Hednesford.
My wife and I have a terraced Victorian house in Hednesford. Conveyancing practitioner represented me and Norwich and Peterborough Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hednesford and other areas of 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 purchasers. You can also check the position with your conveyancing practitioner who carried out the work.
I am looking for a ground for flat up to £305k and found one near me in Hednesford I like with a park and station in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Hednesford for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the shortness of the lease may be problematic. Reduce the offer by the amount the 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 may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
In what way does the Landlord & Tenant Act 1954 affect my commercial property in Hednesford and how can you help?
The particular law that you refer to gives a safeguard to business lessees, granting the a statutory right to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Hednesford is one of our hundreds of locations in which our lawyers are based
Last June I purchased a leasehold property in Hednesford. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 bought a studio flat in Hednesford, conveyancing having been completed in 2006. Can you work out an approximate cost of a lease extension? Equivalent properties in Hednesford with over 90 years remaining are worth £180,000. The ground rent is £65 yearly. The lease ends on 21st October 2083
With only 58 years left to run we estimate the price of your lease extension to range between £22,800 and £26,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.