I am progressing with the sale of my flat in Slough and the estate agent has just called to warn that the buyers are switching law firm. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major lender only deal with specific lawyers rather the firm that they want to choose for their conveyancing in Slough ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
I own a freehold premises in Slough but nevertheless charged rent, why is this and what is this?
It is rare for properties in Slough and has limited impact for conveyancing in Slough but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
It has been five months since my purchase conveyancing in Slough took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 residence 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Slough. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Slough
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Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Slough I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Slough suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Is it possible to switch conveyancer as I have to find a firm on the Godiva Mortgages Ltd conveyancing list. I instructed a high street conveyancing solicitor in Slough five minutes from me but he is not accepted by Godiva Mortgages Ltd
It would be our pleasure to help you find a conveyancing solicitor in Slough on the Godiva Mortgages Ltd panel. Please note that the solicitors that we on the directory do not pay us a referral fee if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Slough. In utilising search facility on this site, you can contrast fees for conveyancing solicitors in Slough and throughout England and Wales.