Me and my partner are buying a 2 bedroom apartment in Lechlade with a mortgage. We would like to retain our Lechlade lawyer, however the bank advise he's not on their "panel". It appears that we have little option but to select one of the bank panel firms or retain our Lechlade conveyancing practitioner and pay for one of their panel ones to represent them. This seems very unfair; are we not able to demand that the lender use our Lechlade property lawyer ?
No, not really. 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 Lechlade conveyancing lawyer to apply to be on the conveyancing panel.
We are due to exchange buying a house in Lechlade but as a consequence of damage from the recent storms I have was able negotiate recompense from the seller in the sum of three thousand pounds by way of a reduction in the price. This was going to be dealt with as part of a side agreement however Co-operative will not permit this. Should they have been notified?
The conveyancing practitioner that is on the Co-operative approved list is duty bound to disclose to Co-operative of any variations to the sale price. If you prohibit your lawyer to report the reduction to Co-operative then they would have to discontinue acting for you. In addition, Co-operative and you would have to appoint a new lawyer for your conveyancing in Lechlade.
I have been told that property searches are a common reason for stalling in Lechlade conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Lechlade.
Am I best advised to use a Lechlade conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can handle the conveyancing however his firm is located a couple of hundredkilometers away.
The benefit of a high street Lechlade conveyancing firm is that you can drop in to sign documents, hand in your identification documents and apply pressure on them if necessary. Having local Lechlade know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were impressed that should outweigh using an unknown Lechlade conveyancing lawyer solely due to them being round the corner.
Last March I purchased a leasehold house in Lechlade. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a split level flat in Lechlade, conveyancing having been completed February 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Lechlade with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2080
With just 59 years remaining on your lease we estimate the price of your lease extension to range between £20,900 and £24,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.