I was told today by my IFA that my Stokenchurch property lawyer is not on the lender Solicitor panel. What can I do to be sure whether this is correct?
You need to call your Stokenchurch lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they may be able to suggest a Stokenchurch conveyancing practice that is on the approved list of lawyers for your lender.
I require conveyancing for an apartment in a fairly new development (6 years built) in Stokenchurch. Almost all the appartments are already disposed of. Is it strictly necessary to order local searches for my conveyancing in Stokenchurch?
You would be putting yourself at risk in failing carrying out Stokenchurch conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal necessity to have them, but we would absolutely advise in the strongest possible terms that you have them. If speed and price are primary issues you should consider with your conveyancer about the option of search insurance
My husband and I are buying a purpose built flat in Stokenchurch with a residential mortgage from Coventry Building Society.We use our Stokenchurch conveyancing lawyer but Coventry Building Society informed us she’s not on their "panel". we are left little option but to use a Coventry Building Society panel lawyer or keep our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Coventry Building Society use our lawyer?
No, not really. The home loan issued to you contains terms and conditions, a common one being that solicitors needs to be on the Coventry Building Society approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Coventry Building Society
Due to the guidance of my in-laws I had a survey completed on a property in Stokenchurch in advance of appointing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some banks will not issue a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. If you call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stokenchurch. Conveyancing will be smoother if you use a solicitor in Stokenchurch especially if they are accustomed to such properties in Stokenchurch.
What are the frequently found problems that you witness in leases for Stokenchurch properties?
There is nothing unique about leasehold conveyancing in Stokenchurch. Most leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.
I invested in buying a 2 bed flat in Stokenchurch, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Stokenchurch with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease ceases on 21st October 2080
With only 56 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 plus legals.
The figure 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. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Is it true that a Stokenchurch conveyancing solicitor has court proceedings brought against them by clients for not carrying out the appropriate conveyancing investigations?
Our attention has not be brought to such a Stokenchurch conveyancing matter but according to a recent report, clients purchasing a property elsewhere in England successfully won a case against their conveyancing practitioner due to development plans to construct a wind farm not being identified in conveyancing searches.
If you are buying in Stokenchurch It is important that your property lawyer purchase all Stokenchurch conveyancing searches needed to ensure you have accurate and current information before buying a property.