I am purchasing a right to buy a flat in Shaftesbury. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Shaftesbury you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Shaftesbury.
Are all Shaftesbury Conveyancing Quality Solicitors on the Principality conveyancing panel?
It is true that some banks and building societies now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
I am buying a property in Shaftesbury. A rare aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Bank of Ireland your lawyer must follow the conveyancing instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Bank of Ireland. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Bank of Ireland where a lease fails to comply with these requirements. The requirements relate to the installation of panels on properties nationwide and is not isolated to Shaftesbury.
It is unclear whether my bank requires a lease extension. I have called my Shaftesbury bank branch on numerous occasions and was told they are content with the situation and they would lend. My Shaftesbury conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their specific requirements. Who do I believe?
The conveyancing practitioner must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial estate in Shaftesbury?
Its becoming the norm that commercial conveyancing solicitors in Shaftesbury will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Shaftesbury. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Shaftesbury.
For every commercial conveyancing transaction in Shaftesbury it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Shaftesbury commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Shaftesbury.
Are there restrictive covenants that are commonly identified during conveyancing in Shaftesbury?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Shaftesbury. 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…’
How does conveyancing in Shaftesbury differ for new build properties?
Most buyers of new build or newly converted property in Shaftesbury come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Shaftesbury typically acquire the site, 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 conveyancing solicitors 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 Shaftesbury or who has acted in the same development.
I work for a reputable estate agent office in Shaftesbury where we have experienced a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Shaftesbury conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can start 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 buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 buyer.
I invested in buying a 1st floor flat in Shaftesbury, conveyancing formalities finalised in 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Shaftesbury with a long lease are worth £207,000. The average or mid-range amount of ground rent is £60 per annum. The lease expires on 21st October 2081
With only 57 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply 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 are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.