I have just been advised by my broker that my Oswaldtwistle lawyer is not on the lender Solicitor panel. How can I be certain whether this is indeed the case?
Your first step should be to contact your Oswaldtwistle lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
Can you clarify what the consequences are if my solicitor is suspended from the Nationwide Conveyancing panel ahead of completing my conveyancing in Oswaldtwistle?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I purchased a 4 bedroom Victorian property in Oswaldtwistle. Conveyancing solicitor represented me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Oswaldtwistle and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing solicitor who conducted the conveyancing.
I need to instruct a conveyancing solicitor for freehold conveyancing in Oswaldtwistle. I happened to land on a web site which seems to have the ideal offering If there is a chance to get all this stuff completed via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a reputable estate agent office in Oswaldtwistle where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Oswaldtwistle conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
I acquired a studio flat in Oswaldtwistle, conveyancing was carried out in 2008. How much will my lease extension cost? Similar flats in Oswaldtwistle with a long lease are worth £202,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2081
With only 56 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 plus 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 a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
I need to swap lawyers as my Oswaldtwistle lawyer is not on the bank's approved list of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet appointed a solicitor to commence the conveyancing and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Oswaldtwistle that you're considering.