Am I correct in assuming that the fact that my conveyancer in Stroud is not on my bank's solicitor panel that there is a problem with the quality of the firm’s work?
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 revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack 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. If you are concerned you should simply call the Stroud conveyancing practice and ask them why they are no longer on the approved list for your bank.
Will our lawyer be raising questions regarding flooding as part of the conveyancing in Stroud.
Flooding is a growing risk for conveyancers dealing with homes in Stroud. There are those who buy a property in Stroud, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Stroud. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out whether the property has suffered from flooding. If the premises has been flooded in past and is not disclosed by the vendor, then a purchaser could bring a compensation claim as a result of such an incorrect reply. The buyer’s lawyers may also conduct an enviro search. This will indicate whether there is any known flood risk. If so, more detailed investigations should be carried out.
I am buying a new build flat in Stroud. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Stroud
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
Due to the guidance of my in-laws I had a survey completed on a property in Stroud in advance of appointing conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some lenders tend refuse to give a loan on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Stroud. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a long established estate agent office in Stroud where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Stroud conveyancing solicitors. Could you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Stroud Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to buying
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Please note if it is fewer than 80 years it will affect the marketability of the flat. It is worth checking with your mortgage company that they are content with remaining years on the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth discovering how much this would cost. For most Stroudlease extensions you will be required to have been the owner of the property for two years in order to be eligible to extend the lease. Generally speaking the outlay for major works tend not to be incorporated into the maintenance charges, albeit that a few managing agents in Stroud require tenants to contribute towards a reserve fund and this is used to offset against larger works. Does this lease have in excess of 82 years remaining?
I see that you have a search directory listing firms on the lender conveyancing panel. Do Stroud conveyancing firms pay you a referral fee if I instruct them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Stroud.