Is the fact that my conveyancer in Long Hanborough is not listed on my lender's conveyancing panel that there is a problem with the standard of his work?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume 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 contact the Long Hanborough conveyancing practice and enquire why they are no longer on the approved list for your bank.
Should our lawyer be asking questions regarding flooding as part of the conveyancing in Long Hanborough.
The risk of flooding is if increasing concern for solicitors dealing with homes in Long Hanborough. There are those who purchase a house in Long Hanborough, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a various checks that may be undertaken by the purchaser or by their conveyancers which can figure out the risks in Long Hanborough. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to find out whether the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the owner, then a purchaser may commence a legal claim for losses resulting from an misleading response. The purchaser’s conveyancers will also commission an environmental report. This should higlight whether there is any known flood risk. If so, more detailed inquiries will need to be initiated.
I have justbecome aware that Stirling Law have closed. They carried out my conveyancing in Long Hanborough for a purchase of a freehold house 12 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The easiest method to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Long Hanborough conveyancing specialists.
I'm purchasing a new build house in Long Hanborough with a mortgage from Accord Mortgages Ltd. The developers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my solicitor about this side-deal as it may jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I opted to have a survey done on a house in Long Hanborough prior to appointing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders tend refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Long Hanborough. Conveyancing may be slightly more expensive based on your lender's requirements.
I am attracted to a two apartments in Long Hanborough both have in the region of fifty years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Long Hanborough is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with under 75 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 property 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 Long Hanborough 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 any new 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 ground floor flat in Long Hanborough, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Long Hanborough with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease terminates on 21st October 2079
You have 54 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.