I am progressing with the sale of my maisonette in St Asaph and the estate agent has just called to advise that the purchasers are swapping property lawyer. The reason given is that the bank will only engage 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 select for their conveyancing in St Asaph ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say 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. Plenty of firms do not even realise 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 not going to have any sway in the decision.
We have very assertive vendors who has insisted on a preliminary contract with a deposit of 5k. Are such contracts appropriate for St Asaph conveyancing transactions?
Lock out agreements are contracts binding a property vendor and prospective buyer giving the buyer the sole right to the sale of the premises for a set period of time. Essentially, a lock out agreement is a contract specifying that you should have a contract at a later time which is the contract for the actual sale. It tends to be utilised for buyer confidence though in many situations, the seller may stand to benefit from such agreements as well. There are various positives and negatives to using an agreement but you should to check with your conveyancer but beware that it may result in incurring extra in conveyancing charges. In light of these reasons these agreements are unusual when it comes to conveyancing in St Asaph.
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to have this when acquiring a residence in St Asaph? or I am told that there is a law dating back centuries that means some homeowners residing in a parish church boundary will be compelled to pay for repairs towards the chancel in proximity to the church. Is this a legitimate concern for conveyancing in St Asaph?
Unless a prior acquisition of the house completed after 12 October 2013 you may take it that conveyancing practitioners carrying out conveyancing in St Asaph to continue to advocate a chancel search and or chancel repair liability policy.
Is it best to appoint a St Asaph conveyancing practitioner in close proximity to the house I am purchasing? We have a good friend who can carry out the legal formalities however her office is approximately 350miles away.
The primary upside of using a local St Asaph conveyancing practice is that you can visit the firm to sign documents, hand in your identification documents and pester them if necessary. They will also have local knowledge which is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and on the whole were content that must outweigh using an unfamiliar St Asaph conveyancing solicitor solely due to them being local.
I only have Sixty One years unexpired on my flat in St Asaph. I now wish to extend my lease but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to locate the freeholder. On the whole an enquiry agent may be useful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering St Asaph.
I bought a 1st floor flat in St Asaph, conveyancing was carried out September 1997. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in St Asaph with a long lease are worth £202,000. The ground rent is £60 yearly. The lease ends on 21st October 2082
With 57 years unexpired we estimate the price of your lease extension to be 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 due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues 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 seeking the advice of a professional.
Been searching for a conveyancing practitioner for freehold sale conveyancing in St Asaph. We are selling, uncomplicated no mortgage to discharge, no rush, no onward purchase. Had a quote from a lawyer for nine hundred pounds including VAT which is a tad high considering its so straightforward. Can I pay less for conveyancing in St Asaph?
Considering it’s a sale only, £425 + VAT would be about the best for sale conveyancing in St Asaph.