I am one month into the sale of my apartment in Speke and the estate agent has just called to advise that the purchasers are appointing a new law firm. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Speke ?
Lenders have always had an approved set 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 worked with them for more than 25 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. Your purchasers are unlikely to have any sway in the decision.
AssumingI was to acquire a simple residential propertyin Speke mortgage fee and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Speke?
Any savings you would make will be limited to the Speke conveyancing searches. The conveyancer is required to do the vast majority of work - money laundering, communicating with your vendors property lawyer, stamp duty return, register the property etc. You might save a bit for them not having to register a charge but it won't be a lot.
I need some expedited conveyancing in Speke as I have pressure to sign on the dotted line in less than one month. A mortgage is not required. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not obtaining a home loan you have the choice not to have searches conducted although no lawyer would advise that you don't. With lots of history conveyancing in Speke the following are examples of what can appear and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I decided to have a survey done on a property in Speke ahead of instructing conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders tend not grant a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Speke. Conveyancing may be slightly more expensive based on your lender's requirements.
I own a leasehold flat in Speke. Conveyancing and Leeds Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Speke who acted for me is not around. What should I do?
First contact HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Speke conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I invested in buying a basement flat in Speke, conveyancing having been completed 7 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? Comparable properties in Speke with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2086
With only 60 years left to run the likely cost is going to range between £20,000 and £23,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
I am an executor of my recently deceased mother’s Will, with a property in Speke which will be marketed. The bungalow is unregistered at HMLR and I'm advised that some buyers solicitors will insist that it is done before they'll move forward. What's the procedure for this?
In the situation you refer to it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and official copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.