We wanted to use a property lawyer in Studley for our house purchase. Our broker has since notified us that our mortgage company Godiva Mortgages Ltd won't deal with them. Why is this not regarded as unduly restrictive?
A mortgage company can insist on an approved conveyancer act for it. You would be liable to meet the cost of this. Try using our tool to get a quote from a solicitor to carry conveyancing in Studley on the Godiva Mortgages Ltd conveyancing panel.
How does conveyancing in Studley differ for newly converted properties?
Most buyers of new build premises in Studley approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Studley tend to buy the site, 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 used to new build conveyancing in Studley or who has acted in the same development.
I'm refinancing my primary home to a buy to let mortgage with National Westminster Bank and I will use the rest of the raised equity as a deposit on further property. The neighborhood we are interested in is Studley. Will your solicitors be able to act for the two banks and tie in the transactions?
Do use our search tool on this site to check that the solicitors are on the relevant lender panels. Assuming that they are the conveyancer should be able to connect the two deals but you should have a chat with you lawyer and communicate your expectations and needs.
I work for a long established estate agent office in Studley where we have witnessed a few leasehold sales derailed due to short leases. I have received inconsistent advice from local Studley conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease 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 to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with 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 am the registered owner of a split level flat in Studley, conveyancing having been completed in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Studley with a long lease are worth £181,000. The ground rent is £55 charged once a year. The lease ceases on 21st October 2074
You have 50 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.