Am I correct in assuming that the fact that my conveyancer in Old Swan is not identified on my bank's solicitor panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor 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 Old Swan conveyancing firm and ask them why they are no longer on the approved list for your lender.
I just acquired a flat at auction in Old Swan. Conveyancing is required. What happens now?
Having exchanged you should instruct a conveyancing solicitor as a matter of priority as you are faced with a tight a fixed date to complete the deal. An auction property should have an associated legal set of papers. This should include evidence of title and search results. Where you are dealing with leasehold premises the legal papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You must hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Old Swan lawyer on the RBS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
It is unclear whether my bank requires a lease extension. I have telephoned my Old Swan bank branch on various occasions and was told it wasn't an issue and they would lend. My Old Swan conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their published requirements. Who do I believe?
Your conveyancer has to comply with the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I note that there are debates on Chancel Insurance on online forums. Do I need this when acquiring a property in Old Swan? or Apparently there is an ancient law that means some owners of property residing in a parish church boundary will be compelled to pay for repairs towards the chancel in proximity to the church. Is this appropriate for conveyancing in Old Swan?
Unless a previous acquisition of the property took place post 12 October 2013 you may take it that solicitors handling conveyancing in Old Swan to continue to propose a a chancel search and or chancel repair liability policy.
How does conveyancing in Old Swan differ for newly converted properties?
Most buyers of new build property in Old Swan approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Old Swan tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Old Swan or who has acted in the same development.
I have been on the look out for a flat up to £235,500 and found one round the corner in Old Swan I like with amenity areas and railway links in the vicinity, however it only has 61 years on the lease. There is not much else in Old Swan in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage that many years will 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 premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I am tempted by the attractive purchase price for a two apartments in Old Swan which have in the region of fifty years unexpired on the lease term. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena.
I bought a 2 bed flat in Old Swan, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Similar properties in Old Swan with over 90 years remaining are worth £185,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2086
With 60 years unexpired the likely cost is going to range between £20,000 and £23,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.