Is the fact that my conveyancer in Sale is not listed on my lender's solicitor panel that there is a problem with the quality of her conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (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 simply call the Sale conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
The sellers of the house we are hoping to buy are using a conveyancing practitioner in Sale who has suggested a lock out agreement with a down payment 6,000. Are such agreements generally advanced for Sale conveyancing transactions?
Lock out contracts are contracts binding a home vendor and prospective acquirer giving the buyer the sole right to purchase the property within an agreed time frame. For all intents and purposes, a lock out is a document specifying that you should be issued with a contract at a later date which is the contract for the actual sale. It is generally utilised for buyer assurance though in many situations, the vendor may stand to benefit from such agreements as well. There are numerous pros and cons to using them but you should to check with your conveyancer but note that it may end up costing you more in conveyancing charges. For this these agreements are not popular when it comes to conveyancing in Sale.
Can I be sure that the Sale conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Sale obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor carrying out your conveyancing.
I'm at the point of looking at flats in Sale and I am now considering a potential offer. Is it best to have my solicitor on ‘stand by’? I intend to finance via a mortgage with Yorkshire BS.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are taking out a mortgage with Yorkshire BS, make sure you remember to check that your lawyer is on the Yorkshire BS conveyancing panel.
Virgin Money have agreed my mortgage in principle, my offer on a property in Sale has been agreed to, now what?
Your property agent will need to be informed of your lawyer's details (ensure that the lawyers are on the bank’s approved list). Contact Virgin Money or your broker and finalise any outstanding documentation. Virgin Money will instruct a valuer who will get in touch with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Virgin Money will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Sale.
Are there restrictive covenants that are commonly identified as part of conveyancing in Sale?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Sale. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Sale I like with a park and station in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Sale for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Last May I purchased a leasehold flat in Sale. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a leasehold flat in Sale, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Sale with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ends on 21st October 2095
With 70 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.