Is the fact that my solicitor in Cannock is not listed on my lender's solicitor panel that there is a problem with the quality of her conveyancing?
That is more than likely an incorrect assumption to make. There are all sorts of perfectly 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 top 5 reasons are as follows: (1) lack 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. If you are concerned you should simply call the Cannock conveyancing practice and enquire why they are no longer on the approved list for your bank.
Finally the sale completed on my house in Cannock last June but the buyer keeps SMS messaging me to moan that his conveyancer is waiting to hear from mine. What should my lawyer have done following completion?
Following your house sale your conveyancer should send the transfer documentation and all of the paperwork to the buyer’s lawyers. Where relevant, your lawyer must also evidence that the mortgage has been redeemed to the buyers lawyers. There is unlikely to be post completion steps peculiar conveyancing in Cannock.
How does conveyancing in Cannock differ for newly converted properties?
Most buyers of new build residence in Cannock come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Cannock typically 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 property lawyers 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 Cannock or who has acted in the same development.
I work for a busy estate agency in Cannock where we see a number of flat sales derailed as a result of short leases. I have received conflicting advice from local Cannock conveyancing solicitors. Could you clarify whether the seller of a flat can start 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchased a leasehold flat in Cannock, conveyancing was carried out in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Cannock with over 90 years remaining are worth £176,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2098
You have 80 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
I am due to consider estimates for conveyancing in Cannock from three property lawyer and decide on one. Do I get them to sit tight until I I have my bid accepted on a house.
You should only get your solicitor to commence work and apply for searches once the offer has been agreed to on the property particularly as Cannock conveyancing searches are a couple of hundred pounds.