I am selling my flat in Little Oakley and the EA has just text me to say that the buyers are swapping law firm. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a leading lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Little Oakley ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 purchasers are unlikely to have any impact on this.
Can the conveyancing solicitors identified through your search tool carry out auction conveyancing in Little Oakley?
There are a number of auction practitioners we can connect you with those conducting auction conveyancing. Little Oakley is just one of the many areas of where our lawyers cover.
We're in Little Oakley, First time buyers purchasing with a mortgage (lender is Yorkshire BS , and our lawyer is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
It has been three months following my purchase conveyancing in Little Oakley concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking at a couple of maisonettes in Little Oakley both have about 50 years left on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Little Oakley is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Little Oakley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a leasehold flat in Little Oakley, conveyancing having been completed in 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Little Oakley with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2097
You have 73 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
I require the services of a bank panel solicitor in Little Oakley. Could you help me?
Unfortunately it’s not apparent why you need a Little Oakley panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the lender to find out which solicitors in Little Oakley are on their panel . If you do find such a firm in Little Oakley not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site