Is the fact that my solicitor in Milnthorpe is not on my mortgage company's solicitor panel that there is a problem with the standard 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 solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Milnthorpe conveyancing practice and enquire why they are no longer on the approved list for your bank.
I am about to complete on the purchase of a house in Milnthorpe but as a result of wreckage from some water damage at the property I have was able negotiate recompense from the vendor in the sum of £2k by way of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but Nottingham are not allowing this. Why were they involved?
Any property lawyer being on a Nottingham approved list is duty bound to disclose to Nottingham of any variations to the purchase price. If you were to refuse your property lawyer to disclose the price change to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new property lawyer for your conveyancing in Milnthorpe.
What does my ID and proof of funds have anything to do with my conveyancing in Milnthorpe? What am I being asked for?
You are right in these requests have nothing to do with conveyancing in Milnthorpe. However these days you can not proceed with any conveyancing process without first handing over evidence of your identity. This usually takes the form of a either your passport or driving licence plus a utility bill. Please note that if you are providing your driving licence as evidence of ID it must be both the paper section as well as the photo card part, one is not acceptable without the other.
Evidence of your origin of funds is mandated in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer will need to retain this information on file. Your Milnthorpe conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask further questions regarding the origin of monies.
How do I search for a Milnthorpe law firm on the The Mortgage Works conveyancing panel? I drive a motor bike and am happy to travel upto 10miles to meet the solicitor.
Feel free to make use of the tool on this page. Please choose the mortgage company and your location and you will see a number of Milnthorpe conveyancing lawyers locally. We have detailed some Milnthorpe conveyancing firms towards the end of this page and you can call them to see whether they are on the The Mortgage Works panel
I am attracted to a couple of apartments in Milnthorpe both have approximately forty five years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Milnthorpe is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a property 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 Milnthorpe 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 invested in buying a split level flat in Milnthorpe, conveyancing was carried out in 2004. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Milnthorpe with a long lease are worth £265,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2099
With only 76 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.