I am six weeks into the sale of my ground floor flat in Stamford Bridge and the estate agent has just telephoned to warn that the purchasers are appointing a new law firm. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a leading mortgage company only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Stamford Bridge ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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. 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.
Various web forums that I have come across warn that are the main reason for obstruction in Stamford Bridge conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in Stamford Bridge.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Stamford Bridge I like with amenity areas and station nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Stamford Bridge suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
What makes your site different to alternative internet conveyancing solicitors when it comes to conveyancing in Stamford Bridge?
At this site secure a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the issues of your conveyancing in Stamford Bridge. As opposed to estate agents and brokerage sites we are not in the business of charging firms a fee if you instruct them for your conveyancing in Stamford Bridge
My father-in-law has urged me to instruct his lawyers for conveyancing in Stamford Bridge. Do I take his guidance?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to seek guidance from friends or relatives who have previously instructed the conveyancer you're are thinking of instructing.
I work for a long established estate agency in Stamford Bridge where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given conflicting advice from local Stamford Bridge conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can initiate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
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 purchaser.
I own a studio flat in Stamford Bridge, conveyancing having been completed in 2009. How much will my lease extension cost? Comparable flats in Stamford Bridge with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2089
With 63 years unexpired we estimate the price of your lease extension to span between £16,200 and £18,600 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.