Am I correct in assuming that the fact that my conveyancer in Frampton Cotterell is not identified on my mortgage company's solicitor panel that there is a problem with the standard of the firm’s work?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer 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 Frampton Cotterell conveyancing firm and enquire why they are no longer on the approved list for your bank.
I have given 8 weeks notice to my current landlord and must be out of my rented flat in Frampton Cotterell by 7/4/2021. Conveyancing on my purchase is underway. How realistic is it to complete in 4 weeks as I wish to avoid having to find short term accommodation?
The normal practice is not to serve notice for your tenancy until your lawyer suggests that you should. If you have not already done so, speak to your lawyer and urge them to they apply pressure on the sellers side, try to get a realistic time scale from them that everyone will work to achieve
My father informed me that in purchasing a property in Frampton Cotterell there could be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of a number of properties in Frampton Cotterell which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Frampton Cotterell should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Are all Frampton Cotterell Conveyancing Quality Solicitors on the Co-operative conveyancing list of approved firms?
A selection of banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
We have agreed to purchase a house in Frampton Cotterell. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
Given that your lender is HSBC your lawyer must follow the formal requirements outlined in Part 2 of UK Finance Lenders’ Handbook for HSBC. The CML Handbook contains minimum conditions for solar panel roof-space leases, and conveyancing practitioners are required to report to HSBC where a lease does not meet these specifications. The requirements relate to the installation of panels on properties countrywide and is not limited to Frampton Cotterell.
My cousin has recommend that I use his lawyers for conveyancing in Frampton Cotterell. Do I take his advice?
Much as we are happy to recommend a Frampton Cotterell conveyancing lawyer the ideal way to find a conveyancing solicitor is to get feedback from friends or family who have experience in using the firm that you are considering.
I am attracted to a two flats in Frampton Cotterell both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Frampton Cotterell is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Frampton Cotterell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a basement flat in Frampton Cotterell, conveyancing having been completed in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Frampton Cotterell with over 90 years remaining are worth £181,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2071
You have 50 years left to run we estimate the premium for your lease extension to be between £31,400 and £36,200 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 extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.