The Chipping Campden conveyancing solicitors that I appointed last week on my house acquisition in Chipping Campden have suddenly closed. I only went with them because I needed a solicitor on the Leeds Building Society conveyancing panel and my family Chipping Campden lawyer was not. I wrote them a cheque for £250 in advance. What do I do now?
If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
I opted to have a survey done on a property in Chipping Campden in advance of appointing solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some lenders tend refuse to give a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Chipping Campden. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be suspicious that brokers that I am dealing with are encouraging me to use a factory type conveyancing firm as opposed to a High Street Chipping Campden conveyancing company?
As with many professional services, often recommendations from connections can be most helpful. Nevertheless there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may suggest lawyers to select. On occasion these conveyancers might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the discretion to choose your own lawyer. However, bear in mind that some lenders specify a panel list of solicitors you have to use for the lender related work in your conveyancing.
I am tempted by the attractive purchase price for a couple of apartments in Chipping Campden both have approximately fifty years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Chipping Campden is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive 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 property 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 Chipping Campden 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 am the registered owner of a basement flat in Chipping Campden, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Chipping Campden with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2080
With just 59 years remaining on your lease the likely cost is going to range between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
I see that you have a post code search directory listing solicitors on the lender conveyancing panel. Do Chipping Campden conveyancing companies pay you a commission if I retain them for my own conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Chipping Campden.