Am I correct in assuming that the fact that my solicitor in Usk is not identified on my bank's conveyancing panel that there is a problem with the standard of the firm’s work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly 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 solicitor 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 contact the Usk conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
We're in Usk, First timers purchasing with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
A relative recommended that if I am purchasing in Usk I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Usk conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Usk around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Usk Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Usk Education with maps and statistics, Local Amenities and other useful data regarding Usk.
I used Wolstenholmes several years ago for my conveyancing in Usk. Now, I need my documents however the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Usk of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the advice of my in-laws I had a survey completed on a house in Usk before appointing solicitors. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend refuse to issue a mortgage on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. 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 Usk. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Usk to see if the conveyancing will be more expensive.
Do you have any advice for leasehold conveyancing in Usk with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Usk can be avoided where you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers’ representatives. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to unsettled. You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. Many landlords or managing agents in Usk charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Usk.
I inherited a leasehold flat in Usk, conveyancing was carried out in 1997. 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? Corresponding flats in Usk with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2085
With only 61 years left to run we estimate the price of your lease extension to be between £19,000 and £22,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.