My partner and I are looking to purchase a flat in Lechlade and have appointed a Lechlade conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nationwide Building Society have this evening contacted us to advise us that they have now hit a problem as our Lechlade solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property with the assistance of a mortgage it is conventional for the purchasers' lawyers 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 Accreditation Scheme. Your solicitor 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Lechlade solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
3 months have elapsed following my purchase conveyancing in Lechlade took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the advice of my in-laws I had a survey completed on a property in Lechlade ahead of instructing conveyancers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies will refuse to give a mortgage on this type of property.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Lechlade. Conveyancing may be slightly more expensive based on your lender's requirements.
My wife and I may need to let out our Lechlade ground floor flat temporarily due to taking a sabbatical. We instructed a Lechlade conveyancing practice in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your last Lechlade conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you must seek permission via your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without first obtaining permission. Such consent must not not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I acquired a leasehold flat in Lechlade, conveyancing was carried out September 2012. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Lechlade with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2083
With only 61 years unexpired the likely cost is going to be between £18,100 and £20,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Your search tool is useful but there are many lawyers listed near Lechlade being on the lender conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for our bank?
We do not recommend specific Lechlade firms as the right Lechlade conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Lechlade knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..