I am progressing with the sale of my ground floor flat in Euxton and the estate agent has just e-mailed to advise that the buyers are changing their law firm. The reason given is that the bank will only engage with solicitors on their approved list. Why would a major lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Euxton ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 unlikely to have any impact on this.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Euxton is the location of the property. Can you offer any guidance?
Flying freeholds in Euxton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Euxton you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Euxton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My husband and I are FTB’s - had an offer accepted, but the property agent has warned us that the seller will only issue a contract if we use the agent's preferred conveyancers as they want a ‘quick sale’. Our preferred option is to instruct a local solicitor who is familiar with conveyancing in Euxton
It is unlikely the owners are driving this. If they desire ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you are going to use your preferred Euxton conveyancing solicitors - as opposed tothose that will give the negotiator at the agency a introducer fee or hit his conveyancing figures set by HQ.
In relation to leasehold conveyancing in Euxton what are the most frequent lease problems?
Leasehold conveyancing in Euxton is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
A provision to repair to or maintain parts of the premises
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Coventry Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
I acquired a ground floor flat in Euxton, conveyancing was carried out May 2010. Can you work out an approximate cost of a lease extension? Corresponding properties in Euxton with an extended lease are worth £195,000. The ground rent is £45 per annum. The lease ceases on 21st October 2081
With just 63 years unexpired the likely cost is going to range between £16,200 and £18,600 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
I pay a maintenance fee for my appartment in Euxton. As a result of personal circumstances I slipped into arrears with payments. The management company agreed a clearance schedule but there remains approximately £1750 due in arrears.
I now wish to dispose of the property and I am nervous that this could threaten to derail the sale if I have to settle the amount due in advance. Do I have to settle before - is this viable?
It would be wise to clarify with the lawyer conducting your Euxton conveyancing but it may be possible to arrange for the outstanding amount to be passed to the purchasers. The purchase price due would be reduced to reflect the amount of debt they take on. They would then pay the outstanding monies post completion of the purchase.