Am I correct in assuming that the fact that my solicitor in Romiley is not identified on my lender's conveyancing panel that there is a problem with the quality of the firm’s work?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer 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 simply call the Romiley conveyancing practice and enquire why they are no longer on the approved list for your lender.
Please explain the implications if my solicitor is removed from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Romiley?
The first thing to point out is that, this is very unlikely to happen. 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.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Romiley I like with open areas and railway links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Romiley for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Hoping to buy a property located in Romiley and I am already nervous. I couldn't find anything specific about Romiley. Conveyancing will be needed in due course but do you know about the Romiley area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Romiley. In the meantime here are some basic statistics that we found
I need to instruct a conveyancing solicitor for residential conveyancing in Romiley. I happened to discover a site which looks to be the perfect solution If it is possible to get all formalities completed via web that would be preferable. Do I need to be wary? What should out be looking out for?
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?
Do you have any advice for leasehold conveyancing in Romiley with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Romiley can be avoided where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers’ conveyancers. Some Romiley leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. The majority of landlords or managing agents in Romiley levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Romiley. You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Organising a replacement share certificate can be a lengthy process and delays many a Romiley home move. If a reissued share is needed, you should approach the company officers or managing agents (if applicable) for this as soon as possible.
I bought a basement flat in Romiley, conveyancing was carried out May 2009. Can you work out an approximate cost of a lease extension? Comparable flats in Romiley with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2079
With just 58 years remaining on your lease we estimate the premium for your lease extension to span between £22,800 and £26,400 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should 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.