Am I correct in assuming that the fact that my solicitor in Shaftesbury is not on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly 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 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. Where you are concerned you should simply call the Shaftesbury conveyancing firm and enquire why they are no longer on the approved list for your bank.
How does conveyancing in Shaftesbury differ for new build properties?
Most buyers of new build or newly converted property in Shaftesbury approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Shaftesbury tend to 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 property lawyers 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 used to new build conveyancing in Shaftesbury or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Shaftesbury is the location of the property. Is there any guidance you can give?
Flying freeholds in Shaftesbury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shaftesbury you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shaftesbury may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My father has encouraged me to instruct his conveyancers in Shaftesbury. Should I use them?
No doubt it’s preferable to select a conveyancing solicitor is to get feedback from friends or family who have previously instructed the solicitor that you are contemplating using.
I am employed by a reputable estate agency in Shaftesbury where we have experienced a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Shaftesbury conveyancing solicitors. Can you confirm whether the owner of a flat can instigate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 split level flat in Shaftesbury, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Shaftesbury with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 levied per year. The lease ends on 21st October 2083
With 57 years remaining on your lease the likely cost is going to range between £28,500 and £33,000 as well as 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 renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
My husband and I are are seeking to find a quality conveyancing solicitor in Shaftesbury to buy a flat. I I am fearful of appointing the wrong one and there's various Shaftesbury conveyancing firms to choose from...who do I opt for?
If you have never used a lawyer previously, a personal recommendation through relatives or friends is a great place to start and is often the best gauge of quality. As an alternative option, take a look at the client feedback presented on your conveyancer’s website or make the most of our search facility to choose a conveyancing solicitor in Shaftesbury.