My husband and I intend to purchase a newbuild apartment in Market Bosworth with a homeloan from Clydesdale.We would like to retain our Market Bosworth conveyancing practitioner but Clydesdale says she’s not on their approved list of firms. we are left little option but to use a Clydesdale panel solicitor or keep our preferred solicitor and pay for a Clydesdale panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that conveyancers must be on the Clydesdale approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for Clydesdale
My friend advised me that if I am buying in Market Bosworth I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Market Bosworth conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Market Bosworth around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Market Bosworth Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful data regarding Market Bosworth.
Are there restrictive covenants that are commonly identified during conveyancing in Market Bosworth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Market Bosworth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I have been advised by a few estate agents in Market Bosworth to choose a property lawyer on your site. What’s the financial advantage for Estate Agents to offer your lawyers over alternative conveyancing organisations?
We don’t give any financial incentive for sending work our way. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have just started marketing my ground floor flat in Market Bosworth. Conveyancing lawyers have not yet been instructed, however I have recently received a half-yearly service charge demand – Do I pay up?
The sensible thing to do is clear the service charge as you normally would given that all ground rent and maintenance charges will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a garden flat in Market Bosworth, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Market Bosworth with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2069
You have 50 years left to run we estimate the premium for your lease extension to range between £31,400 and £36,200 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.