Last June we completed a house move in Uttoxeter. We have noticed several issues with the property which we believe were missed in the conveyancing searches. Is there anything we can do? What searches should? have been ordered for conveyancing in Uttoxeter?
The query is vague as to the nature of the problems and if they are specific to conveyancing in Uttoxeter. Conveyancing searches and due diligence undertaken during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a property owner answers a document known as a SPIF. answers ends up being inaccurate, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Uttoxeter.
Are the BSA planning on creating a online directory to to identify law firms on the Darlington Building Society conveyancing panel for instance in Uttoxeter?
We are not aware of any intention on the part of the BSA to promote such a tool.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Uttoxeter conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
The formalities of my remortgage has taken place for my property in Uttoxeter. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I was told three weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Uttoxeter is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Uttoxeter differ for new build properties?
Most buyers of new build property in Uttoxeter contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Uttoxeter tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Uttoxeter or who has acted in the same development.
I have been pointed in your direction by a couple of local estate agents in Uttoxeter to find a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to promote your lawyers over alternative conveyancing organisations?
We don’t offer any commission for sending work our way. We found it would be just too difficult to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am tempted by the attractive purchase price for a couple of apartments in Uttoxeter which have in the region of 50 years left on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Uttoxeter is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Uttoxeter conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a leasehold flat in Uttoxeter, conveyancing having been completed in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Uttoxeter with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2082
With only 58 years left to run the likely cost is going to span between £21,900 and £25,200 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. 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.