Am I correct in assuming that the fact that my solicitor in Stockbridge is not on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Stockbridge conveyancing practice and enquire why they are no longer on the approved list for your bank.
Can you help? My Stockbridge conveyancer is assuring me that he is legally obliged toorder Stockbridge conveyancing searches asthe firm are on the Santandersolicitor panel. Do I not have any options here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Stockbridge conveyancing searches.
My friend suggested that if I am buying in Stockbridge I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Stockbridge conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Stockbridge around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Stockbridge Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Stockbridge Education with plans and statistics, Local Amenities and other useful information regarding Stockbridge.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Stockbridge I like with a park and transport links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Stockbridge in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
How simple is it to use the search facility to find a conveyancing solicitor in Stockbridge on the approved list for my mortgage?
First choose a bank such as Birmingham Midshires, The Mortgage Works or Nottingham Building Society then specify your preferred area e.g. Stockbridge. Conveyancing firms in Stockbridge and nationally should be listed.
Do you have any advice for leasehold conveyancing in Stockbridge from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Stockbridge can be reduced if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers’ conveyancers. If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Arranging a new share certificate is often a time consuming formality and delays many a Stockbridge conveyancing transaction. Where a duplicate share is required, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later. The majority of landlords or managing agents in Stockbridge levy fees for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Stockbridge. If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
I bought a basement flat in Stockbridge, conveyancing formalities finalised 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Stockbridge with a long lease are worth £190,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2083
With 62 years unexpired we estimate the price of your lease extension to span between £17,100 and £19,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.