Am I correct in assuming that the fact that my solicitor in Deeside is not on my lender's conveyancing panel that there is a problem with the quality of her conveyancing?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Deeside conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
My fiance and I changing mortgage lender for our flat in Deeside with Coventry BS. We have a son 18 who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have two concerns (1) Is this document specific to the Coventry BS conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this compromise his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Why is leasehold purchase conveyancing in Deeside costs more?
In summary, leasehold conveyancing in Deeside and elsewhere usually requires more due diligence compared to freehold transactions. This includes analysing the lease terms, liaising with the landlord about the service of required notices, securing current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
Due to the advice of my in-laws I had a survey completed on a house in Deeside in advance of appointing lawyers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some banks may not issue a loan on this type of property.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Deeside. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Deeside to see if the conveyancing costs will increase in light of this.
What makes a Deeside lease unmortgageable?
Leasehold conveyancing in Deeside is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
Insurance obligations A provision for the recovery of money spent for the benefit of another party.
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Nottingham Building Society 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 defective they may refuse to provide security, forcing the buyer to withdraw.
I own a split level flat in Deeside, conveyancing formalities finalised April 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Deeside with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2085
With 64 years remaining on your lease we estimate the price of your lease extension to span between £15,200 and £17,600 as well as costs.
The suggested premium range above 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 may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.