I have just been advised by my mortgage adviser that my Crabtree solicitor is not on the bank Solicitor panel. How can I be certain that this is indeed the case?
The first thing you need to do is to contact your Crabtree lawyer directly. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may be able to suggest a Crabtree conveyancing firm that is on the conveyancing panel for your mortgage company.
Can you explain why leasehold purchase conveyancing in Crabtree costs more?
Crabtree leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am planning on selling our home in Crabtree and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the buyers used an online conveyancing outfit as opposed to a conveyancing solicitor in Crabtree. Having lived in Crabtree for many years we know that this is a non issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing solicitor already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Are there restrictive covenants that are commonly picked up during conveyancing in Crabtree?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Crabtree. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In relation to leasehold conveyancing in Crabtree what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Crabtree. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
Service charge per centages that don't add up correctly leaving a shortfall A provision to repair to or maintain parts of the building
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.
I invested in buying a basement flat in Crabtree, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Crabtree with over 90 years remaining are worth £171,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2100
You have 79 years unexpired we estimate the price of your lease extension to range between £7,600 and £8,800 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 renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.