I instructed a high street lawyer for our conveyancing in Loughton last week. After carefully reading the Terms and Conditions it is apparent thatI am on the hook for costs even where the transaction does not complete. Should I go with them or choose a web based firm promoting no-sale-no-fee conveyancing in Loughton?
It is usually ‘give and take’ in that if "No Sale No Fee" is advertised then the conveyancing charges will generally be uplifted to cover the cases that do not proceed. Dont forget that such deals generally do not protect you from expenditure for instance Loughton conveyancing search charges.
I am the sole recipient of my late mum's estate with all property in now in my sole name, including the house in Loughton. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the house. I do know about the CML six month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. Most banks would take a pragmatic view as this requirement is chiefly there to identify the purchase and immediately sell or the wholesaling and assigning of property.
We had chosen conveyancers located in Loughton on the UBS solicitor panel. They have just invoiced me an additional charge for the legal aspects of the UBS mortgage. Is this a supplemental conveyancing fee set by UBS?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your conveyancer can charge a fee for this. This charge is not dictated by UBS but by your Loughton property lawyer. Plenty of firms on the UBS panel will charge ’dealing with mortgage’ fee and others do not.
I had a mortgage agreed in principle with Nottingham. Loughton conveyancing lawyers are appointed. What is the average time that one could expect to receive a mortgage offer from Nottingham?
Some lenders take longer than others. Have Nottingham completed the valuation? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Due to the advice of my in-laws I had a survey completed on a house in Loughton prior to instructing solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some banks tend refuse to grant a mortgage on such a home.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. If you call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Loughton. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by a few estate agents in Loughton to select a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to recommend your services ahead of a competitor’s?
We don’t make any referral fee for directing people our way. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I best advised to instruct a Loughton conveyancing lawyer based in the area that I am purchasing? An old friend can carry out the conveyancing however they are based 400miles away.
The benefit of a high street Loughton conveyancing practice is that you can visit the firm to sign documents, deliver your identification documents and apply pressure on them if necessary. Having local Loughton know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who used your friend and on the whole were impressed that should outweigh using an unknown Loughton conveyancing lawyer solely due to them being based in the area.
I am a negotiator for a reputable estate agent office in Loughton where we have witnessed a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Loughton conveyancing solicitors. Could you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
My wife and I have hit a brick wall in trying to purchase the freehold in Loughton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Loughton conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Loughton property is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired term was 69.26 years.