I am nearing exchange of contracts for my apartment in Coningsby and the estate agent has just text me to say that the buyers are swapping solicitor. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a major mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in Coningsby ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
I require conveyancing for a flat in a fairly new development (seven years built) in Coningsby. 95% of the flats have already been disposed of. Do I need carry out the conveyancing searches for my conveyancing in Coningsby?
If you are acquiring a property with the assistance of a loan, your lender will insist on some (many) of the searches so you'll have no choice. If not, then Coningsby conveyancing searches are for you to decide upon. No doubt your conveyancer, will ’encourage’, perhaps strongly, that you should not go ahead without searches, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or ask you to appoint a different lawyer for your conveyancing in Coningsby.
I purchased my flat on 12 November and the transaction details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Coningsby said it will be concluded in less than a month. Are titles in Coningsby uniquely lengthy to register?
There is nothing unique about conveyancing in Coningsby registration formalities. Rather than based on location, timescales can differ depending on the party submitting the application, whether it is in order and whether the Land registry need to notify any 3rd parties. Currently approximately three quarters of submission are fully addressed within two weeks but some can be subject to protracted delays. Historically registration occurs once the purchaser is living at the property therefore an expedited registration is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your solicitor should contact the land registry and explain the circumstances.
There are only Seventy years remaining on my lease in Coningsby. I now wish to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the lessor. For most situations an enquiry agent may be helpful to conduct investigations and prepare an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court overseeing Coningsby.
I inherited a 1 bedroom flat in Coningsby, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Coningsby with over 90 years remaining are worth £221,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2089
With only 70 years left to run the likely cost is going to range between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt 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 without first seeking the advice of a professional.
When it comes to my conveyancing in Coningsby should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Coningsby conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.