I am not well enough to travel far from High Wycombe. What is the rationale as to why all High Wycombe lawyers are not on all mortgage company panels?
Banks normally impose restrictions on either the nature or volume of conveyancing practices on their panel. A common example of such criteria being that the firm needs to have at least two partners. In addition to restricting the type of firm, some have decided to restrict the number of firms they use to act for them. It is worth noting that banks have no accountability for the quality of conveyancing given by any High Wycombe lawyer on their panel. Increases in mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there are contrary assessments concerning the extent of solicitor involvement in some of that fraud. Statistics via HM Land Registry exposes that thousands of law practices only conduct less than three conveyances a year. Those vindicating conveyancing panel pruning question why conveyancing firms deserve any entitlement to be on a bank panel when it is apparent that conveyancing is not their speciality?
Will lawyers ask for an advanced payment for conveyancing in High Wycombe?
Where you are retaining lawyers for conveyancing in High Wycombe your solicitor will ask you place them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the purchase price then this should be asked for immediately prior to exchange of contracts. The closing balance that is due should be transferred a couple of days ahead of the day of completion.
Various online forums that I have frequented warn that are a common reason for hinderance in High Wycombe house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in High Wycombe.
I moved into my flat on 11 November and the transaction details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in High Wycombe expressed confidence that it would be registered in a couple of weeks. Are transfers in High Wycombe particularly slow to register?
There is nothing unique about conveyancing in High Wycombe registration formalities. Rather than based on location, timescales can vary subject to who lodges the application, whether it is in order and whether the Land registry communicate with any 3rd parties. As of today roughly 80% of such applications are fully dealt with in less than three weeks but occasionally there can be protracted delays. Historically registration takes place once the buyer has moved in to the property thus 'speed' is not usually top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer must speak with the land registry and explain the circumstances.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. High Wycombe is the location of the property. Is there any advice you can impart?
Flying freeholds in High Wycombe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside High Wycombe you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in High Wycombe 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 premises.
Looking forward to sign contracts shortly on a leasehold property in High Wycombe. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in High Wycombe should include some of the following:
-
Changes to the property Where does the liability rest to repair and maintain the building. It is essential that you know who is duty bound to repair and maintenance of all parts of the block and communal areas The length of the lease term. You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark The physical extent of the premises. This will be the property itself but may include a loft or basement if relevant. Rent payments - what is payable and when is collected, and be on notice if this will change in the future
I inherited a 1 bedroom flat in High Wycombe, conveyancing formalities finalised in 1999. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in High Wycombe with an extended lease are worth £165,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2103
You have 78 years left to run the likely cost is going to range between £7,600 and £8,800 as well as 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 detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.