Is it the case that all Fenny Stratford solicitor firms on the Co-operative conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Co-operative conveyancing panel they would need to be governed by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I have decided to exercise my right to buy my property in Fenny Stratford off the council. I have a mortgage agreed with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
Completion of my remortgage has taken place for my property in Fenny Stratford. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
five months have elapsed since my purchase conveyancing in Fenny Stratford concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a flat up to £195,000 and identified one close by in Fenny Stratford I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Fenny Stratford suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Do I need to be concerned about 3rd parties that I am dealing with are suggesting an internet conveyancing firm as opposed to a High Street Fenny Stratford conveyancing firm?
As with many professional services, often recommendations from relatives can be extremely useful or valuable. Yet there are lots of people with a keen interest in a conveyancing matter; estate agents, mortgage brokers and banks might all put forward conveyancers to choose. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the right to choose your preferred conveyancer. Don't forget that most lenders specify a panel list of law firms you must use for the mortgage related work in your home move.
I am a negotiator for a busy estate agent office in Fenny Stratford where we see a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Fenny Stratford conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Fenny Stratford Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
How long is the Lease? You will want to find out as much as possible concerning the company managing the building as they will either make your living at the property much simpler or a lot more difficult. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to daily matters such as the upkeep of the communal areas. Don't be shy to ask other tenants if they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what you get for your money. You should be aware that where the lease has no more than eighty years it will have adverse implications on the salability of the flat. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. For most Fenny Stratfordlease extensions you will be be obliged to have owned the residence for a couple of years before you are entitled to extend the lease.