I can't travel far from Burbage. Please clarify why all Burbage lawyers are not on all lender panels?
A decade ago most banks exhibited an attitude to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the conveyancers on your panel. Consequently, lenders have subsequently requiredmore data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum amount of transactions the mortgage companies set.
I do hope you can help me. My Burbage solicitor is assuring me that he is legally obliged toorder Burbage conveyancing searches becausethe firm are on the Nat Westconveyancing panel. These Burbage searches cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a lender your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Burbage conveyancing searches.
A colleague recommended that if I am purchasing in Burbage I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Burbage conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Burbage around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Burbage Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Burbage.
I have justbecome aware that Arc property Solicitors have been shut down. They carried out my conveyancing in Burbage for a purchase of a freehold house 12 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The easiest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Burbage conveyancing specialists.
I own a leasehold flat in Burbage. Conveyancing and Bank of Ireland mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Burbage who acted for me is not around. Do I pay?
First contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Burbage conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a 2 bed flat in Burbage, conveyancing was carried out in 1999. How much will my lease extension cost? Similar flats in Burbage with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2087
With 68 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.