My husband and I are looking to purchase a home in Kingswood and have instructed a Kingswood conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Lloyds TSB Bank have this afternoon contacted us to advise us that they have now hit a problem as our Kingswood lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for 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 lender’s conveyancing panel and you may continue to use your own Kingswood solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
About to purchase a new build flat in Kingswood. 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 are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Kingswood
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. Please confirm the Lease plans are architect prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Kingswood is the location of the property. Can you offer any advice?
Flying freeholds in Kingswood are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kingswood you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingswood may determine 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 property.
My husband and I are novice buyers - had an offer accepted, but the selling agent has warned us that the vendor will only issue a contract if we instruct their recommended conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Kingswood
We suspect that the owner is unaware of this demand. Should the owner desire ‘a quick sale', turning down a genuine buyer is counter productive. Try to communicate with the sellers directly and explain that (a)you are motivated purchasers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you intend to instruct your own,trusted Kingswood conveyancing firm - rather thanthose that will provide the estate agent a commission or meet his conveyancing thresholds demanded by head office.
I work for a reputable estate agency in Kingswood where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Kingswood conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a 1 bedroom flat in Kingswood, conveyancing formalities finalised 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Kingswood with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2071
You have 50 years unexpired the likely cost is going to be between £31,400 and £36,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.