I am under pressure from the mortgagee in possession of a property in Crowthorne to exchange within four weeks. What can be done to speed up the legal process?
First, If the seller is applying a tight deadline to complete we would recommend that your solicitor is familiar with the location as they will make use of local relationships and know-how. It is even conceivable that they could have handled otherproperties in the same neighbourhood. Therefore consider using a Crowthorne conveyancing lawyer. Second, ensure that the lawyer is on the member panel. It is believed that 18% of Crowthorne conveyancing deals are delayed or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the legal transfer of property being delayed by as much as three weeks. It is said that this issue affects in the region of one hundred thousand home sales annually. Almost all Crowthorne conveyancing practices can not represent certain mortgage companies so do check as early as possible.
My Conveyancer in Crowthorne has never been on on the Norwich and Peterborough Building Society Solicitor Panel. Can I still retain my family solicitor notwithstanding that they are excluded from the Norwich and Peterborough Building Society approved list?
Your options are as follows:
- Complete the purchase with your existing Crowthorne lawyers but Norwich and Peterborough Building Society will need to retain a solicitor on their panel. This will result in additional total conveyancing charges and result in frustration.
- Choose a new lawyer to act in the conveyancing, remembering to check they are Norwich and Peterborough Building Society approved.
- Try to convince your Norwich and Peterborough Building Society solicitor to seek to join the Norwich and Peterborough Building Society panel
Is there a list of Lloyds panel solicitors in Crowthorne on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings open the public online. Where you are seeking to appoint a Crowthorne lawyer on the Lloyds please make the most of our tool.
I have paid off my mortgage with Virgin Money. I assume I don't need a Crowthorne conveyancer on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I am due to exchange contracts on my apartment. I had a double glazing fitted in September 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Virgin Money are being a right pain. The Crowthorne solicitor who is on the Virgin Money conveyancing panel is saying indemnity insurance will be fine but Virgin Money are requiring a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will our conveyancer be raising questions concerning flooding during the conveyancing in Crowthorne.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Crowthorne. Some people will buy a property in Crowthorne, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a various searches that may be initiated by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Crowthorne. The standard completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to discover if the premises has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the owner, then a buyer could commence a claim for damages stemming from an misleading answer. The buyer’s lawyers should also carry out an environmental search. This will indicate whether there is a recorded flood risk. If so, additional investigations will need to be made.
I have recently realised that I have Sixty One years remaining on my lease in Crowthorne. I am keen to extend my lease but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have made all reasonable attempts to find the landlord. On the whole an enquiry agent would be useful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Crowthorne.
I own a 1st floor flat in Crowthorne, conveyancing having been completed 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? Equivalent flats in Crowthorne with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2101
With 80 years unexpired the likely cost is going to be 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 are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.