Is the fact that my conveyancer in Looe is not identified on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Looe conveyancing firm and ask them why they are no longer on the approved list for your lender.
My flat in Looe is up for sale and I have a purchaser. Does my conveyancer need to be required to be on the Yorkshire BS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Yorkshire BS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
Due to the encouragement of my in-laws I had a survey completed on a property in Looe ahead of instructing solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some mortgage companies tend not issue a loan on this type of property.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Looe. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a couple of flats in Looe which have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Looe is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Looe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a ground floor flat in Looe, conveyancing having been completed in 2000. Can you work out an approximate cost of a lease extension? Similar flats in Looe with over 90 years remaining are worth £175,000. The ground rent is £65 yearly. The lease ends on 21st October 2079
You have 58 years remaining on your lease we estimate the price of your lease extension to span between £23,800 and £27,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Can you set examples of specific advantages to selecting a high street conveyancer in Looe
Home movers in Looe prefer a local lawyer so that they can visit just in case they have questions, and to execute paperwork rather taking the chance in relying on the Royal Mail.
One could argue that there is a marginal benefit when using a conveyancer nearby to the property you are purchasing, due to the in-depth knowledge of the region and possible local issues - but this is moot. The majority of conveyancers are now over the internet and may be anywhere in the world.