Is the fact that my conveyancer in Wollaston is not identified on my lender's solicitor panel that there is a problem with the standard of her conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters 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. Should you be concerned you should simply call the Wollaston conveyancing practice and ask them why they are no longer on the approved list for your lender.
We are about to exchange contracts for a property in Wollaston. We have hit a snag. The mortgage offer with Santander runs out on 30/1/2025 but the vendors are insisting on a completion date of 3/2/2025. Can one prolong the loan offer?
The best person to address this concern is your lawyer who will assess if they corresponding with the lender, owner’s representatives, estate agents or conceivably all parties taking into account the circumstances your house move to date.
I am purchasing a garden flat in Wollaston. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Wollaston you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Wollaston.
I just bought a flat at auction in Wollaston. Conveyancing is necessary. What are my next steps?
Given that you are now to all intents and purposes signed on the dotted line you should instruct a conveyancing practitioner soon as you now have a tight a fixed date to complete the deal. All auction property will ordinarily have a corresponding legal pack. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You need to give this to the lawyer instructed by you at the earliest opportunity. You also need to ensure that you have funds in place to complete on the on the contractual date .
We had selected conveyancing lawyers locally in Wollaston on the UBS solicitor panel. They have just billed me a supplemental charge for handling the UBS mortgage. Is this an additional conveyancing fee set by UBS?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer is entitled to charge a fee for this. The charge is not set by UBS but by your Wollaston conveyancer. Numerous firms on the UBS panel will quote an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
We have a mortgage agreed in principle with Clydesdale. Wollaston conveyancing lawyers are chosen. How long does it take for Clydesdale to send the offer to the conveyancing practitioner?
There is no definitive answer here. Have Clydesdale done the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am looking at a couple of apartments in Wollaston which have approximately fifty years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Wollaston is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more upbeat 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 residence 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 Wollaston 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 the agreed 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 bought a 1 bedroom flat in Wollaston, conveyancing having been completed March 1999. Can you work out an approximate cost of a lease extension? Similar flats in Wollaston with over 90 years remaining are worth £206,000. The ground rent is £45 yearly. The lease ends on 21st October 2090
With just 66 years unexpired we estimate the price of your lease extension to range between £11,400 and £13,200 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
Our conveyancing in Wollaston is set to complete next Friday, however the owners I am purchasing off wants to move out on the Saturday noon. Can I agree to this?
In situations where you need a loan then your property lawyer will insist that you have vacant possession on Friday - the lender will require it.