I am not well enough to travel far from Penley. Is there a reason why all Penley solicitors are not on all lender panels?
A decade ago most mortgage companies exhibited an attitude to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into fraud which concluded: know the property lawyers on your panel. As a result, mortgage companies have since looked to extract more information from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum amount of transactions the mortgage companies insisted on.
Will my solicitor be raising questions regarding flooding as part of the conveyancing in Penley.
The risk of flooding is if increasing concern for solicitors dealing with homes in Penley. There are those who acquire a property in Penley, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Penley. The standard property information forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to determine if the property has suffered from flooding. If flooding has previously occurred which is not notified by the owner, then a purchaser could commence a legal claim for losses as a result of such an inaccurate answer. A purchaser’s lawyers should also order an environmental search. This should indicate if there is any known flood risk. If so, additional investigations will need to be conducted.
About to purchase a new build apartment in Penley. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Penley
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I'm remortgaging my primary property to a BTL loan with Coventry Building Society and I will use the rest of the raised equity as a down payment on another house. The neighborhood we are looking at is Penley. Will your conveyancers be able to act for the two mortgage companies and link together the two deals?
Make use of our search tool on this site to ensure that the conveyancers are on the appropriate lender panels. Having checked that they are the solicitor will be able to tie up the two deals but you should have a chat with you solicitor and make clear your expectations and needs.
I am using a search engine for the words conveyancing in Penley it reveals many property lawyersin the area. How do I determine which is the right conveyancer for my move?
The preferential way of choosing a suitable conveyancer is through a personal referral, so ask colleagues and those you trust who have bought a property in Penley or a local estate agent or financial adviser. Costs for conveyancing in Penley differ, so it's advisable to obtain at least four fee calculations from different law firms. Be sure to obtain confirmation that the charges are guaranteed not to rise.
I am employed by a busy estate agent office in Penley where we see a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Penley conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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. The benefit of this is that the buyer 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 before, 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 inherited a 1 bedroom flat in Penley, conveyancing having been completed 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Penley with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2084
With just 60 years remaining on your lease the likely cost is going to span between £20,000 and £23,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.