We wanted to use a conveyancing solicitor in Crawley for our house purchase. Our financial adviser has since notified us that our mortgage company Bank of Scotland won't deal with them. Surely this is unfair competition?
Banks on the whole imposes restrictions either the type or the amount of conveyancing solicitors on their member panel. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. As well as restricting the type of firm, some have limited the number of solicitor practices they permit to act for them. Be aware that Bank of Scotland have no responsibility for the quality of advice provided by any member of Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there remains mixed views concerning the extent of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Crawley only conduct one or two conveyances a year.
I am close to exchanging contracts on the sale of our house in Crawley and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. It does beg the question why the purchasers instructed a national conveyancing outfit as opposed to a conveyancing solicitor in Crawley. Having lived in Crawley for 5 years we know of no issue. Do we get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You must enquire of 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 life insurance to cover that same illness)
Should I be wary about third parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Crawley conveyancing firm?
As with many service providers, often suggestions from connections can be extremely useful or valuable. Nevertheless there are many players in a conveyancing transaction; estate agents, financial adviser and mortgage companies may recommend solicitors to instruct. Sometimes these lawyers might be known to one of the organisations as being good in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the right to select your preferred conveyancer. You need to be aware that the majority of banks specify a panel list of solicitors you have to use for the mortgage aspect of your house move.
I am looking at a couple of apartments in Crawley which have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Crawley is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 residence 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 Crawley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 own a basement flat in Crawley, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Crawley with over 90 years remaining are worth £179,000. The ground rent is £65 invoiced annually. The lease terminates on 21st October 2076
You have 57 years remaining on your lease the likely cost is going to be between £26,600 and £30,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
Online reading suggests that Crawley solicitors are more expensive than licensed conveyancers in Crawley to use when purchasing a house. So is it better if I use a conveyancer or a solicitor if I am purchasing a property in Crawley.
When it comes to conveyancing in Crawley the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.