Unfortunately I am unable to travel far from Malvern. Please clarify why all Malvern lawyers are not on all lender panels?
Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which kicked off a major policy change in the sector. This led to banks and building societies culling less reputable firms off their official list of approved property lawyers .
I have been on the look out for a flat up to £305k and found one near me in Malvern I like with open areas and railway links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Malvern in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
In what way does the Landlord & Tenant Act 1954 affect my commercial offices in Malvern and how can your lawyers assist?
The particular law that you refer to gives a safeguard to commercial tenants, granting the a statutory right to apply to court for a new lease and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and assist with commercial conveyancing in Malvern
In my capacity as executor for the will of my uncle I am disposing of a house in Monmouth but I am based in Malvern. My lawyer (approximately 300 miles from merequires that I sign a statutory declaration prior to completion. Can you recommend a conveyancing practitioner in Malvern who can attest and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will suffice regardless of whether they are located in Malvern
I own a leasehold flat in Malvern. Conveyancing and National Westminster Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Malvern who acted for me is not around. Do I pay?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Malvern conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I own a 1st floor flat in Malvern, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Malvern with an extended lease are worth £190,000. The ground rent is £65 invoiced every year. The lease terminates on 21st October 2085
With only 61 years unexpired we estimate the premium for your lease extension to span between £19,000 and £22,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures 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. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My lawyers in Malvern have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the lender directly.