Am I correct in assuming that the fact that my conveyancer in Yarm is not identified on my lender's solicitor panel that there is a problem with the quality of the firm’s work?
That is more than likely an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated 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) 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. Should you be concerned you should contact the Yarm conveyancing practice and enquire why they are no longer on the approved list for your lender.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Yarm so that I can pop in to their offices when needed.
These days conveyancing panel lawyers for mortgage companies undertake the vast majority of work via the post, internet or over phone calls. This means that they can undertake the legal work for your home move regardless of where you live in England or Wales. However you can see if you have the option of attending the offices of your conveyancing lawyer if needed.
I require quick conveyancing in Yarm as I am under an ultimatum to complete in less than one month. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save money and time?
If.Given you are are a cash purchaser you have the choice not to do searches although no solicitor would advise that you don't. With plenty of history conveyancing in Yarm the following are examples of issues that can arise and therefore impact future saleability: Enforcement Actions, Overdue Fees, Overdue Grants, Railway Schemes,...
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Yarm is the location of the property. What do you suggest?
Flying freeholds in Yarm are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Yarm you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Yarm may determine 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 premises.
My partner has suggested that I instruct his conveyancers in Yarm. Do I follow his recommendation?
No doubt the ideal way to select a conveyancing lawyer is to seek guidance from friends or family who have used the conveyancer you're contemplating using.
I am employed by a busy estate agency in Yarm where we see a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Yarm conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate 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 commence 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 disposal of the property.
Alternatively, it may be possible 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 purchaser.
I own a 2 bed flat in Yarm, conveyancing was carried out in 1999. Can you work out an approximate cost of a lease extension? Similar properties in Yarm with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2103
With 78 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.