I am not well enough to travel far from Lutterworth. What is the rationale as to why all Lutterworth lawyers are not on all lender panels?
Pre- 2008 most banks displayed an attitude to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into property fraud which concluded: know the conveyancers on your panel. Consequently, banks have since requiredmore data from law firms concerning their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Many law practices have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of amount of transactions the mortgage companies required.
I have justdiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in Lutterworth for a purchase of a freehold house 9 months ago. How can I establish that my home is in my name in the name of the previous owner?
The quickest method to check if the premises 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 Lutterworth conveyancing specialists.
Over the last few months I have been searching for a flat up to £305k and identified one near me in Lutterworth I like with amenity areas and station nearby, however it only has 61 remaining years left on the lease. There is not much else in Lutterworth suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Should I be concerned about 3rd parties that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local Lutterworth conveyancing firm?
As is the case with many professional services, often recommendations from connections can be most helpful. But there are many parties with a keen interest in a conveyancing deal; estate agents, mortgage brokers and lenders may recommend lawyers to use. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You are free to select your own lawyer. You need to be aware that some lenders have an approved list of conveyancers you are obliged to use for the mortgage aspect of your transaction.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Lutterworth. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Lutterworth ?
Most houses in Lutterworth are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are buying in Lutterworth in which case you should be looking for a Lutterworth conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.
I invested in buying a garden flat in Lutterworth, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Lutterworth with over 90 years remaining are worth £185,000. The ground rent is £65 yearly. The lease finishes on 21st October 2086
You have 60 years remaining on your lease we estimate the premium for your lease extension to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
I'm buying a flat in Lutterworth. I can find my conveyancer's company on the Law Society's list, but I can't locate my conveyancer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the law firm must be listed by the regulator. As long there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be conducted by unqualified staff.