is it true that all Syston solicitors on the Skipton conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Skipton conveyancing panel they would need to be overseen by the SRA. Some mortgage companies do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
Last month we had a mortgage agreed in principle with Virgin Money. Syston conveyancing lawyers have been chosen. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money completed the valuation? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We expect to receive a DIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Syston solicitors on the Lloyds conveyancing panel, or is it better to go independently?
You will need to appoint Syston solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
Should my solicitor be raising questions about flooding during the conveyancing in Syston.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Syston. There are those who purchase a property in Syston, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a number of checks that may be undertaken by the purchaser or by their lawyers which can give them a better understanding of the risks in Syston. The conventional set of information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to discover if the property has historically flooded. In the event that flooding has previously occurred which is not disclosed by the owner, then a purchaser may issue a claim for damages as a result of such an inaccurate reply. The buyer’s solicitors should also commission an environmental search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
I have todayfound out that Stirling Law have been shut down. They conducted my conveyancing in Syston for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The easiest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Syston conveyancing specialists.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Syston is the location of the property. Can you shed any light on this issue?
Flying freeholds in Syston are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Syston you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Syston 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 property.
I work for a reputable estate agent office in Syston where we have experienced a few flat sales derailed due to short leases. I have received inconsistent advice from local Syston conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that 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. The benefit of this is that the buyer 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 needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
I bought a leasehold flat in Syston, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Syston with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease ceases on 21st October 2079
You have 54 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
We have an offer in principle from Barnsley Building Society who suggested we could borrow up to £350k. When do we need to instruct a solicitor for conveyancing? Syston is where we plan to move to.
You can appoint a lawyer now so that the lawyer can open the ledger so they can do the ID checks etc. Once you wish them to commence work they will seek a payment on account normally about £225. That should generally be once you have the mortgage offer and survey report, nevertheless should you wish to speed the process you can start the ball rolling quicker albeit risking some money.