Unfortunately I am unable to travel far from Forest Row. Can you please explain the reason why all Forest Row lawyers aren't included on all mortgage company panels?
As inequitable as it may appear for lenders to restrict who can act for them, from the public’s or conveyancer’s point of view, the other side of the coin is that banks are increasingly anxious and regard it imperative to shield themselves against mortgage fraud. As a consequence of this concern mortgage companies have consolidated their panel of approved conveyancing lawyers to a size that they are happy to control.
I am soon to exchange buying a property in Forest Row but as a result of wreckage from a small fire at the property I have managed to agree reparation from the current proprietors of three thousand pounds by way of a reduction in the price. I had intended this to be dealt with as part of a side agreement however Virgin Money will not agree to this. Why were they notified?
Any lawyer that is on a Virgin Money conveyancing panel is obliged to disclose to Virgin Money of any amendments to the sale price. If you prohibit your property lawyer to disclose the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new lawyer for your conveyancing in Forest Row.
four months have elapsed since my purchase conveyancing in Forest Row concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. 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 property 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.
About to purchase a new build flat in Forest Row. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Forest Row
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
What makes a Forest Row lease defective?
There is nothing unique about leasehold conveyancing in Forest Row. All leases are unique and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
A provision to repair to or maintain elements of the property A provision for the recovery of money spent for the benefit of another party.
You will 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. Santander, Leeds Building Society, and Barclays Direct 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 pull out.
I am the registered owner of a 1st floor flat in Forest Row, conveyancing having been completed August 2010. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Forest Row with an extended lease are worth £185,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2079
With only 60 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. 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. You should not move forward based on this information before seeking the advice of a professional.