I am five weeks into the sale of my home in Radford and the EA has just telephoned to warn that the buyers are changing their property lawyer. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a major mortgage company only work with specific lawyers rather the firm that they want to choose for their conveyancing in Radford ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
It has been four months following my purchase conveyancing in Radford concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Radford differ for newly converted properties?
Most buyers of new build property in Radford contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Radford typically acquire 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 Radford or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Radford I like with amenity areas and station nearby, however it only has 49 years on the lease. There is not much else in Radford suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need 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 existing owner has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
What are your top tips when it comes to finding a Radford conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Radford conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Radford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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If they are not ALEP accredited then what is the reason? What are the charges for lease extension work?
I invested in buying a ground floor flat in Radford, conveyancing was carried out 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Radford with an extended lease are worth £227,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2097
You have 72 years left to run the likely cost is going to span between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
I acquired a flat in Radford last 28/2/2024 and to date it is still not recorded with HM Land Registry. It was part of a new estate and my conveyancing practitioner told me that it can take twelve months to complete the registration formalities. I have contacted the Land Registry directly and they say that the original application was cancelled due to questions not being addressed in time. Should I be concerned?
It is your solicitor that you must contact in order to satisfy any issues which have been raised as part of the registration formalities for your Radford property. Normal Radford conveyancing practice includes an undertaking on the part of the seller's solicitor that they will help resolve any registration raised by HMLR so it may be a case of taking action to enforce that undertaking in some way.