My wife and I are planning to acquire a flat in Greasby and are in fact using a Greasby conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this afternoon contacted us to inform me that they have now hit a problem as our Greasby lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Greasby lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
How up to date is your search tool for Greasby conveyancing solicitors on the Virgin Money conveyancing panel? Do Virgin Money send you an updated list?
Greasby conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
My wife and I are close to exchanging contracts on the sale of our house in Greasby and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers used a web based conveyancing firm as opposed to a conveyancing solicitor in Greasby. We have lived in Greasby for six years we know of no issue. Do we contact our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Greasby is the location of the property. Is there any advice you can give?
Flying freeholds in Greasby are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Greasby you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Greasby may ascertain 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 premises.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Greasby. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Greasby ?
Most houses in Greasby are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Greasby in which case you should be shopping around for a Greasby conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I acquired a 2 bed flat in Greasby, conveyancing formalities finalised 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Greasby with over 90 years remaining are worth £171,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2098
You have 79 years unexpired we estimate the price of your lease extension to be between £7,600 and £8,800 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.