Completed the sale of my flat in Stoke Poges last September but my buyer keeps calling every few hours to say their solicitor is waiting to hear from mylawyer. What are the post completion sale formalities now that I have sold?
After completion of your house sale your lawyer should send the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. If applicable, your lawyer should also send confirmation that the home loan has been paid off to the purchasers conveyancers. There are no post completion formalities specific conveyancing in Stoke Poges.
The Stoke Poges conveyancing lawyers that I recently instructed on my house acquisition in Stoke Poges have suddenly shut down. They were on acting for me because I had to have a solicitor on the Coventry BS conveyancing panel and my previous Stoke Poges lawyer was not. I paid them money on account. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Coventry BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
My solicitor has informed me that restrictive coveneant insurance is required on my purchase. What is the level of cover for Stoke Poges conveyancing?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between HSBC Bank and The Mortgage Works. Conveyancing practitioners as opposed to members of the public take out such policies.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Stoke Poges property lawyer on the Coventry BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Stoke Poges. I have a mortgage offer with Principality. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Principality, you will need to appoint a solicitor on the Principality conveyancing panel.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Stoke Poges is where the house is located. Is there any advice you can give?
Flying freeholds in Stoke Poges are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stoke Poges you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stoke Poges may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My brother has recommend that I use his conveyancers in Stoke Poges. Should I use them?
No doubt the ideal way to find a conveyancing lawyer is to seek feedback from friends or family who have used the firm that you are are thinking of instructing.
I am looking at a two flats in Stoke Poges which have approximately 50 years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Stoke Poges is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stoke Poges conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I bought a 1st floor flat in Stoke Poges, conveyancing was carried out 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? Equivalent flats in Stoke Poges with an extended lease are worth £185,000. The ground rent is £65 yearly. The lease terminates on 21st October 2085
With only 61 years left to run we estimate the premium for your lease extension to range between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. 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 clearly you 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.