My financial adviser says he needs my Great Wyrley solicitor’s panel reference for the Santander conveyancing panel. Can you suggest how I obtain this. I have called my local Great Wyrley office but they have not responded to me.
Have you tried contacting your Great Wyrley property lawyer about this?. They keep a central record lender panel numbers.
We see that you have a post code search directory identifying solicitors on the Bank of Ireland conveyancing panel. Do firms pay you a commission if I appoint them for our own conveyancing in Great Wyrley?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Great Wyrley.
I have been told that property searches are the number one cause of delay in Great Wyrley house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Great Wyrley.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one round the corner in Great Wyrley I like with amenity areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Great Wyrley in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
Can you provide any top tips for leasehold conveyancing in Great Wyrley from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Great Wyrley can be avoided if you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers’ lawyers. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Arranging a replacement share certificate can be a lengthy formality and frustrates many a Great Wyrley home move. If a new share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible. If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing.
I purchased a leasehold flat in Great Wyrley, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Great Wyrley with an extended lease are worth £260,000. The ground rent is £45 yearly. The lease finishes on 21st October 2093
You have 74 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 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 the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.