We are planning to purchase a 3 bedroom flat in Great Missenden with a mortgage. We would like to retain our Great Missenden conveyancer, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or retain our Great Missenden property lawyer and pay for one of their panel firms to act for them. We feel that this is inequitable; can we not insist that the mortgage company use our Great Missenden conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Great Missenden conveyancing lawyer to apply to be on the conveyancing panel.
AssumingI was to acquire a simple residential propertyin Great Missenden mortgage fee and dispense with a survey and no conveyancing searches how much could I expect to have to pay for conveyancing in Great Missenden?
The only reduction in fees you would make on is the disbursement for searches. A conveyancing practitioner still got to do everything else - money laundering, correspond with your vendors property lawyer, stamp duty submission, register the property etc. You might save a bit for them not having to register a charge but it won't be a lot.
My partner and I are planning on selling our property in Great Missenden and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A high street Great Missenden conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a factory type conveyancing firm as opposed to a conveyancing solicitor in Great Missenden. Having lived in Great Missenden for many years we know that this is a non issue. Do we get in touch with our local Authority to get confirmation that there is no issue.
It sounds as though you may have a conveyancing firm already. Are they able to advise? You need to check with 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 health insurance to cover that same sickness)
I decided to have a survey completed on a house in Great Missenden before appointing solicitors. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some lenders may not issue a loan on this type of house.
It varies from the lender to lender. HSBC has different requirements from Halifax. If you e-mail us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Great Missenden. Conveyancing will be smoother if you use a solicitor in Great Missenden especially if they regularly deal with such properties in Great Missenden.
I only have Seventy years remaining on my lease in Great Missenden. I need to get lease extension but my freeholder is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to find the landlord. On the whole a specialist may be useful to try and locate and prepare a report to be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Great Missenden.
I purchased a split level flat in Great Missenden, conveyancing having been completed 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Great Missenden with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2086
With 63 years unexpired we estimate the premium for your lease extension to span between £16,200 and £18,600 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 are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns 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 before seeking the advice of a professional.