Is the fact that my solicitor in Stonehouse is not identified on my lender's solicitor panel that there is a problem with the quality of her work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed 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. Should you be concerned you should contact the Stonehouse conveyancing practice and ask them why they are no longer on the approved list for your lender.
My lawyer has uncovered a a problem with the lease for the flat we are buying in Stonehouse. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must check that the bank is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I opted to have a survey done on a property in Stonehouse ahead of instructing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some lenders will not give a mortgage on such a house.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stonehouse. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stonehouse to see if the conveyancing will be more expensive.
Am I better off to instruct a Stonehouse conveyancing solicitor in close proximity to the house I am purchasing? I have an old university friend who can execute the legal formalities however they are based 300kilometers drive away.
The primary upside of using a high street Stonehouse conveyancing firm is that you can visit the firm to sign documents, present your identification documents and apply pressure on them if necessary. Having local Stonehouse know how is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and they were impressed that must trump using an unknown Stonehouse conveyancing solicitor solely due to them being local.
Back In 2005, I bought a leasehold flat in Stonehouse. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Stonehouse who previously acted has now retired. What should I do?
First contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Stonehouse conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I acquired a garden flat in Stonehouse, conveyancing formalities finalised in 2007. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Stonehouse with an extended lease are worth £180,000. The ground rent is £65 per annum. The lease ends on 21st October 2084
You have 58 years unexpired we estimate the price of your lease extension to be between £22,800 and £26,400 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
My partner and I hope to buy our first property in Stonehouse. Conveyancing solicitor has been chosen. The financial consultant suggested that a survey is not necessary as the house was only constructed in 2002.
You would be best advised to have a Home Buyer's Report. Given the property is over ten years old the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may suffice. The report should highlight any apparent issues and suggest additional investigation if appropriate. If there are any signs of problems get a comprehensive structural survey.